Major broadcasting network facing bankruptcy and closure with $804 million of debts and handed end of March deadline
MSG Networks is reportedly facing bankruptcy with over $800 million of debts.
The New York-based network has just weeks to pay off the sum that was initially due last October.
GettyMSG shows New York Knicks games live in the region[/caption]
GettyThe network also has rights to New York Rangers games[/caption]
MSG has historically been a powerhouse sports network in the Big Apple.
But the James Dolan-led company has massive financial issues, Front Office Sports report.
The network is home to New York Knicks games in the NBA as well as New York Rangers games in the NHL.
It also shows events from Madison Square Garden and the Sphere in Las Vegas.
MSG Networks was given an extension on the debts owed last year.
The new deadline to pay is March 26.
And Front Office Sports report that the need to file for Chapter 11 bankruptcy is “likely weeks away.”
The company issued a filing with the U.S. Securities and Exchange Commission.
It read, “If MSG Networks is not successful in negotiating a refinancing or work-out of its indebtedness, the company believes it is probable that MSG Networks and/or its subsidiaries would seek bankruptcy protection or the lenders would foreclose on the MSG Networks collateral securing the credit facilities.”
The U.S. Sun has contacted MSG Networks for comment.
Regional sports networks have been hit hard by consumers cord-cutting and moving to streaming.
National and international companies like NBC and Amazon Prime are able to show events regionally on streaming only.
Amazon Prime will show 21 New York Yankees baseball games live in 2025 just for customers in the region.
The NBA’s new national television deal also features local games.
The league signed with NBC, Disney and Amazon Prime in an 11-year deal worth $76 billion.
NBC’s contract includes regular Tuesday night broadcasts on their local affiliate channels.
And it also has Monday night games on Peacock for streaming only.
YES Network and SNY also show New York sports in the area along with MSG.
SNY has live rights to the New York Mets games.
YES Network shows the majority of New York Yankees games as well as the Brooklyn Nets in the NBA.
MSG also has the New York Islanders in the NHL.
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