The Diamond post-bankruptcy saga continues, with all the landmines that we’ve been predicting and some that we have not. To wit: The business plan that company executives will present to a bankruptcy court judge in just six days, on April 17, includes only one long-term contract in hand—a deal with Charter Communications. (I’m told that talks with Comcast and DirecTV are progressing, that ubiquitous deal term of art.) None of this uncertainty is surprising. Distributors have well-earned reputations as brutal negotiators, and wouldn’t neglect the opportunity to steal a cane from an old man—or fleece a regional sports network emerging from bankruptcy.
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