The world looked a whole helluva lot different when Sinclair Broadcast Group spent $10.6 billion to purchase 21 for Fox regional sports networks through its subsidiary Diamond Sports Group. Now, not much more than a year later, the Wall Street Journal reports that Sinclair and its creditors have each formed advisory groups as the company explores restructuring to escape the crippling debt it has accrued from the purchase.
Though the RSN bubble burst well before the Cubs formed a partnership with Sinclair on Marquee Sports Network, the broadcast giant saw enough of a future in the market to bet big on it.