images lightrocket

Warner Bros. Discovery Regional Sports Networks May File For Chapter 7 Bankruptcy

The steady decline of cable networks, both basic and regional sports networks, has been apparent in recent years as cord cutting and cord shaving have been key themes amongst consumers. Although there have been a slew of indie cable nets that have gone dark in recent years, major cable networks and regional sports networks (RSNs) have seemed able to weather the storm until Friday when The Hollywood Reporter stated that Warner Bros. Discovery (WBD) is exiting the RSN business.

However, it won’t do so in the usual way—via putting the channels on the market and selling them to the highest bidder. Rather, WBD reportedly sent a letter to the owner of teams that it airs on its four RSN subsidiaries do not have the money to pay upcoming rights fees and WBD will not fund any shortfalls. WBD has proposed handing control of the RSNs over to the teams and leagues, or putting them into Chapter 7 bankruptcy.

It owns three AT&T SportsNet channels in Denver, Houston & Pittsburgh with a minority interest in Roots Sports in Seattle (with the Mainers owning the other

Read the rest

Celsius Executives Cashed Out Shortly Before Bankruptcy

Two executives of beleaguered cryptocurrency lender Celsius appear to have withdrawn millions of their own investments before the company suspended withdrawals and filed for bankruptcy, new court filings show.

According to a statement of financial affairs filed in New York bankruptcy court late Wednesday, former CEO Alex Mashinsky and former chief strategy officer Daniel Leon made multiple withdrawals from their cryptocurrency accounts in May, days before the company halted all such transactions.

Mashinsky and related parties withdrew approximately $10 million worth of bitcoin, ether, USD coin and Celsius’ CEL token, according to the documents. Leon may have withdrawn between $2 and $7 million.

Forbes previously reported that CTO Nuke Goldstein also made withdrawals.

His lawyers, however, disputed this interpretation of the transactions listed in the filings. “The reality is that Mr. Goldstein did not withdraw even one dollar in the four weeks prior to the pause—to the contrary, he deposited over $90,000 in CEL tokens in late May, just three weeks before the pause,” wrote Avi Weitzman and Leo Tsao of the Paul

Read the rest