Diamond Sports Group, the largest operator of regional sports networks and a wholly-owned subsidiary of the conservative-leaning Sinclair broadcasting, filed for bankruptcy Tuesday in Texas, citing more than $8 billion in debt, CNBC reports.
In 2019, Sinclair bought a number of regional sports networks from Disney for more than $10 billion, including $8 billion in debt. Apparently, Sinclair hasn’t figure out how to make that money back, so now it will file for Chapter 11 bankruptcy protection in Texas, even though Sinclair is headquartered in Maryland.