Diamond Sports secures $450M in debt financing

Finance News

Diamond Sports Group has secured $450 million in debtor-in-possession (DIP) financing, the agreement marked a turning point for the owner of the Bally Sports RSNs.

The financing was announced last month and includes $350 million going to Diamond’s first-lien debt holders. Additionally, Sinclair will pay $495 million to Diamond, which will withdraw its $1.5 billion lawsuit against the company.

Diamond Sports Group an independently-managed and unconsolidated subsidiary of Sinclair Broadcast Group owns the Bally Sports Regional Sports Networks. Diamond also received a $100 million investment from Amazon, selling teams’ digital rights to the company.