JUPITER, Fla. — The broadcast company’s bankruptcy filing this week that burst professional sports rights-fee bubble will cause immediate financial concerns but ultimately force an overdue “reset” that shoves the industry and Major League Baseball away from a “broken” model toward a better, more accessible product for fans, a Cardinals executive said.
Diamond Sports Group, parent company of Bally Sports Midwest, the regional sports network partner of the Cardinals and Blues, submitted for bankruptcy protection late Tuesday night as it restructures $8 billion in debt. Some teams and leagues are bracing for a lower volume on revenues and the potential for broadcast deals to be unplugged.