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Sinclair’s Sports Channels Prepare Bankruptcy, Putting Team Payments at Risk

Discussion pertaining to the Tri-Cities, Flint, Mt. Pleasant, and Bad Axe
Martin Stett
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Sinclair’s Sports Channels Prepare Bankruptcy, Putting Team Payments at Risk

Post by Martin Stett » Thu Jan 26, 2023 1:53 pm

With financial troubles mounting, the Sinclair Broadcast Group Inc.-owned firm will likely skip $140 million in interest payments due mid-February, kickstarting a 30-day grace period, according to people familiar with the matter. A stark divide is emerging between would-be winners and losers: its $630 million first-lien loan is trading at 92 cents on the dollar, while nearly $5 billion of lower-ranked bonds change hands for under 10 cents — signaling a near-total wipeout for subordinated creditors.
https://www.bloomberg.com/news/articles ... 2zUP3OCYnE

So, when's the yard sale?



kager
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Location: GPS lost

Re: Sinclair’s Sports Channels Prepare Bankruptcy, Putting Team Payments at Risk

Post by kager » Thu Jan 26, 2023 6:45 pm

Martin Stett wrote:
Thu Jan 26, 2023 1:53 pm
With financial troubles mounting, the Sinclair Broadcast Group Inc.-owned firm will likely skip $140 million in interest payments due mid-February, kickstarting a 30-day grace period, according to people familiar with the matter. A stark divide is emerging between would-be winners and losers: its $630 million first-lien loan is trading at 92 cents on the dollar, while nearly $5 billion of lower-ranked bonds change hands for under 10 cents — signaling a near-total wipeout for subordinated creditors.
https://www.bloomberg.com/news/articles ... 2zUP3OCYnE

So, when's the yard sale?
Good question.

Here's another:

Why is this a Flint / Tri-Cities thing?


"The problem with communication is the illusion that it has occurred."

Martin Stett
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Joined: Sun Sep 06, 2020 1:01 pm

Re: Sinclair’s Sports Channels Prepare Bankruptcy, Putting Team Payments at Risk

Post by Martin Stett » Fri Jan 27, 2023 12:00 am

Why is this a Flint / Tri-Cities thing?
Sinclair stations in the Flint–Saginaw–Bay City market
WEYI-TV 25 (30) NBC The CW
WBSF 46 (46) The CW NBC
WSMH 66 (16) Fox



sinklair
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Joined: Sun Dec 08, 2019 11:59 am

Re: Sinclair’s Sports Channels Prepare Bankruptcy, Putting Team Payments at Risk

Post by sinklair » Fri Jan 27, 2023 4:42 am

EVERYTHING that Sinclair touches turns to crap.

They overpaid for the former Fox Sports net, ran them into the ground. To help pay for the debt they were incurring, Sinclair forced its local stations to lay off staff and slash budgets. All while owner and board chairman David “I like prostitutes” Smith and CEO Chris “The Ripper” Ripley pocketed tens of millions in yearly pay as they bled the company dry.

Watch as Sinclair’s anonymous defenders come after me to defend this sh*tty company. But the facts don’t lie… and neither does their stock price… down 70 percent since April 2019 (when they saw a 2 year high of $61 a share… now selling for $20 and continuing to plummet.)

https://www.ftvlive.com/sqsp-test/2023/ ... s-network-

Even Jack Morris is fleeing this sinking ship…

https://www.mlive.com/tigers/2023/01/ja ... utType=amp



Matt
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Location: Where Ben Zonia couldn't cut it

Re: Sinclair’s Sports Channels Prepare Bankruptcy, Putting Team Payments at Risk

Post by Matt » Fri Jan 27, 2023 9:23 am

Martin Stett wrote:
Fri Jan 27, 2023 12:00 am
Why is this a Flint / Tri-Cities thing?
Sinclair stations in the Flint–Saginaw–Bay City market
WEYI-TV 25 (30) NBC The CW
WBSF 46 (46) The CW NBC
WSMH 66 (16) Fox
This probably belongs in the sports or a general broadcasting forum.


What's more pathetic: harassing an old man who is paying to do a radio show or supporting a grifter like Trump?

kager
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Location: GPS lost

Re: Sinclair’s Sports Channels Prepare Bankruptcy, Putting Team Payments at Risk

Post by kager » Fri Jan 27, 2023 9:44 pm

Matt wrote:
Fri Jan 27, 2023 9:23 am
Martin Stett wrote:
Fri Jan 27, 2023 12:00 am
Why is this a Flint / Tri-Cities thing?
Sinclair stations in the Flint–Saginaw–Bay City market
WEYI-TV 25 (30) NBC The CW
WBSF 46 (46) The CW NBC
WSMH 66 (16) Fox
This probably belongs in the sports or a general broadcasting forum.
Someone already did that here Wednesday night... https://mibuzzboard.com/phpBB3/viewtopi ... 25&t=61528

Posting here did as intended... provoked 'stank' out of a way overdue - but now way too short - hibernation...

Darn you! Darn you all to heck!


"The problem with communication is the illusion that it has occurred."

sinklair
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Joined: Sun Dec 08, 2019 11:59 am

Re: Sinclair’s Sports Channels Prepare Bankruptcy, Putting Team Payments at Risk

Post by sinklair » Fri Jan 27, 2023 10:32 pm

Awww Kager, I missed you too. Love and kisses



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MWmetalhead
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Re: Sinclair’s Sports Channels Prepare Bankruptcy, Putting Team Payments at Risk

Post by MWmetalhead » Sat Jan 28, 2023 6:06 am

It'll be interesting to see how the equity in the reorganized Diamond Sports Group is allocated amongst impaired creditors, assuming a Section 363 sale in Bankruptcy doesn't happen.

Edit - per the FTV article, it sounds like the bond holders (mostly hedge funds) have entered into restructuring support agreements, whose terms - if adopted by way of a confirmed plan of reorganization - would see them hold most of the equity in the reorganized company. It is possible they would then consider sale possibilities after exiting bankruptcy.



Graham Wellington
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Re: Sinclair’s Sports Channels Prepare Bankruptcy, Putting Team Payments at Risk

Post by Graham Wellington » Sat Jan 28, 2023 10:15 am

This outcome was inevitable the minute they started digging in and not budging on price for the OTT providers such as Hulu and YouTube TV. Rejecting the future of TV viewing and clinging onto the rapidly shrinking cable TV model wasn't going to turn out well.



Matt
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Joined: Mon Dec 06, 2004 12:18 pm
Location: Where Ben Zonia couldn't cut it

Re: Sinclair’s Sports Channels Prepare Bankruptcy, Putting Team Payments at Risk

Post by Matt » Sat Jan 28, 2023 3:46 pm

Graham Wellington wrote:
Sat Jan 28, 2023 10:15 am
This outcome was inevitable the minute they started digging in and not budging on price for the OTT providers such as Hulu and YouTube TV. Rejecting the future of TV viewing and clinging onto the rapidly shrinking cable TV model wasn't going to turn out well.
So in summary, stink can go fuck itself?


What's more pathetic: harassing an old man who is paying to do a radio show or supporting a grifter like Trump?

AuburnViewer
Posts: 50
Joined: Mon Jul 20, 2020 6:25 pm

Re: Sinclair’s Sports Channels Prepare Bankruptcy, Putting Team Payments at Risk

Post by AuburnViewer » Sat Jan 28, 2023 10:45 pm

At one time before Fox sold the reginal sports networks, the Illitch family was looking to start their own sports channel for the Detroit/Michigan market. I believe historically Fox Sports Detroit has pulled in decent ratings.



sinklair
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Joined: Sun Dec 08, 2019 11:59 am

Re: Sinclair’s Sports Channels Prepare Bankruptcy, Putting Team Payments at Risk

Post by sinklair » Sat Jan 28, 2023 11:07 pm

Awww Matt, I missed you too. Love and kisses



MasterB
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Location: Kalamazoo

Re: Sinclair’s Sports Channels Prepare Bankruptcy, Putting Team Payments at Risk

Post by MasterB » Sat Jan 28, 2023 11:29 pm

I'm sure you can buy Bally Sport Sinklair for the low price of $1 dollar since your pals with David Smith & Chris The Ripper Ripley Believe Or Not, have them on speed dial as well LOL :lol.


Go Pistons, Let's Go Redwings.

sinklair
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Joined: Sun Dec 08, 2019 11:59 am

Re: Sinclair’s Sports Channels Prepare Bankruptcy, Putting Team Payments at Risk

Post by sinklair » Sun Mar 19, 2023 7:49 am

Best line is the last one:
https://www.nexttv.com/news/sinclairs-d ... ks+Payment

“We're dealing with a broken model, and it’s not the responsibility of the MLB to fix that model“

Sinclair’s bankruptcy is the fault of Sinclair solely not knowing how to program to a very specific audience in evolving tech platforms.



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Calvert DeForest
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Location: The corner of US-16 and M-78

Re: Sinclair’s Sports Channels Prepare Bankruptcy, Putting Team Payments at Risk

Post by Calvert DeForest » Thu Mar 30, 2023 10:20 am

kager wrote:
Thu Jan 26, 2023 6:45 pm
Why is this a Flint / Tri-Cities thing?
I would guess the recent news department cutbacks at WEYI/WSMH are a ripple effect of the Diamond Sports bankruptcy.


Shortwave is the ORIGINAL satellite radio.

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