Diamond Sports Group, the largest owner of regional sports networks, filed for Chapter 11 bankruptcy protection on Tuesday. The move came after it missed a $140 million interest payment last month.
Diamond owns 19 networks under the Bally Sports banner. Those networks have the rights to 42 professional teams — 14 baseball, 16 NBA and 12 NHL.
The company said in a release Tuesday night that it expects to continue to operate during the bankruptcy process and that coverage of games should not be affected.
Diamond Sports also said it is negotiating a restructuring agreement with debt holders that will eliminate most of its debt.