Diamond Sports Bonds Drop After Sinclair-Dish Deal Excludes Unit

Bonds issued by Sinclair Broadcast Group’s sports networks were the biggest high-yield decliners on Monday after the unit was left out of a key deal struck between Sinclair and Dish Network Corp.

Diamond Sports Group’s 5.375% bonds due 2026 fell 4.5 cents on the dollar to 52.75 cents, while its 6.625% notes due 2027 dropped 6 cents on the dollar to 27.25 cents, according to Trace data compiled by Bloomberg.

Sinclair reached a multiyear deal with Dish that will see the cable company air 144 local Sinclair channels, as well as the Tennis Channel, the companies ...