Broadcaster Diamond Sports Group files for bankruptcy protection

Diamond Sports Group, which provides local television broadcasts for nearly half of NBA, NHL and MLB games, filed for U.S. bankruptcy protection in Texas on Tuesday, caught between expensive broadcast rights agreements and sports viewers' cord-cutting habits. Diamond Sports, a Sinclair Broadcast Group subsidiary that operates the "Bally Sports" branded channels, listed assets and liabilities between $1 billion and $10 billion each in its Chapter 11 petition.

The company said Friday that it intended to continue to air games despite its financial struggles.