Sinclair Says Diamond Sports Subsidiary Likely to Close in 2024

Sinclair Inc. said its bankrupt local sports unit Diamond Sports Group will probably shut down after the end of Major League Baseball’s 2024 regular season under a new proposal between the subsidiary and its creditors.

The liquidation of Diamond would represent the end of a relationship that has been fraught and short. Sinclair acquired Diamond from Walt Disney Co.in 2019. The deal, valued at around $10.6 billion according to court papers, was designed to turn Sinclair into a cable sports powerhouse.

But revenues from cable television have plunged in recent years as more consumers rely on ...