Regional Network Diamond Sports Hires CFO Amid Bondholder Talks Over Debt Payment
Regional network Diamond Sports Group has named former Fox Entertainment exec David DeVoe Jr. as its new chief operating officer and chief financial officer.
The hire, effective on Thursday, follows the division of the Sinclair Broadcast Group choosing to miss a $140 million debt interest payment due to its bondholders to take advantage of a 30-day grace period, and Diamond Sports Group eyeing a possible prearranged Chapter 11 bankruptcy filing to reorganize the company and its $8.6 billion debt load.
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Diamond in a statement said it is holding “progressing ongoing discussions with creditors and other key stakeholders regarding potential strategic alternatives and deleveraging transactions to best position Diamond Sports Group for the future. The company expects that its business will continue as usual, and it will keep broadcasting quality live sports productions for fans while it addresses its balance sheet.”
Helping lead those talks with bondholders as a Chapter 11 bankruptcy and an eventual debt-for-equity swap remain as possible options towards a settlement will be an immediate priority for DeVoe Jr.
“As DSG’s chief operating officer and chief financial officer at this important time for the company, my near-term priorities are to establish firm financial footing, seek strategic alternatives, and provide operational discipline that will enable DSG to evolve the business while continuing to provide excellent live sports productions for fans. I am energized working with David and the DSG team and by the opportunities ahead for DSG,” DeVoe Jr. said in a statement on Thursday as he cited Diamond Sports CEO David Preschlack.
DeVoe Jr. comes to the regional sports network after earlier serving as executive vp at 21st Century Fox, and before that completing stints as a CFO for Fox Entertainment Group, News America Marketing and TV Guide.
Diamond Sports also announced it has hired Eric Ratchman as president of distribution and business development after he earlier worked at Amazon as the global head of business at IMDb TV, now Amazon Freevee, and as director of Prime Video Direct. Before that, he completed executive stints at Univision Communications, The Walt Disney Company and ESPN.