Sinclair's Diamond Sports names CEO to grow regional sports networks
Diamond Sports Group, a subsidiary of Sinclair Broadcast Group that operates its regional Bally Sports networks, has named former NBC Sports executive David Preschlack as its CEO.
Why it matters: The appointment creates more independence for the division, which has been dragged down by debt. Regional sports networks have struggled from subscriber losses due to cord-cutting and the rising costs of broadcasting rights. New leadership will be tasked with changing that fate.
Catch up quick: Sinclair acquired 21 RSNs from Disney for $10.6 billion in 2019, which included taking on $8.2 billion in debt.
Details: Preschlack, who joined Diamond's board in May 2022, is well-versed in RSNs. He served as president of NBC Sports Regional Networks from 2016 to 2021. He had spent 20 years at Disney and ESPN.
- “Consistent with the financing completed in March of this year and the company's deconsolidation, DSG will establish its independence moving forward under David's leadership," Sinclair CEO Chris Ripley said in a statement Monday.
- The CEO news comes after the board of Diamond Sports Group voted to block Sinclair from continuing to manage the RSNs, Sportico first reported Sunday night.
What's next: Ripley said on the company's earnings call last week that LionTree and Moelis & Co. were hired as advisors, confirming August reports.
- "There is no sale process, but they are talking to parties about deleveraging, strategic partnerships and things of that nature," he said.