Diamond Sports Group, the parent company of the Bally Sports networks, has filed for Chapter 11 bankruptcy.

The move was announced on Tuesday by Diamond in a press release. Via Business Wire:

“Diamond Sports Group, LLC (‘DSG,’ ‘Diamond,’ or the ‘Company’) announced that the Company is finalizing a Restructuring Support Agreement (‘RSA’) with holders of a majority of the Company’s debt and Sinclair Broadcast Group, Inc. (‘Sinclair’) to eliminate over $8 billion of the Company’s outstanding debt. To implement its restructuring, the Company filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas (the ‘Court’).”