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this post was submitted on 20 Aug 2023
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Asklemmy
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Instapot. Instapot made too good of a product, most people buy one and its good for years. That's good for consumers but terrible for investors. The company that bought them out and took them public saddled them with a ton of debt from other sectors and now they're bankrupt.
Diamond Sports is suing Sinclair for doing the same, minus the "good product" part.
Sinclair bought up the Fox RSNs a few years back, renaming the company as Diamond Sports and the channels as Bally Sports. Not too long afterwards, they went bankrupt. Diamond is claiming that Sinclair has saddled them with massive debts and extraordinarily high management fees. Sinclair also kept the funds from the sponsorship agreement with Bally.
https://www.baltimoresun.com/business/bs-bz-sinclair-broadcast-sued-by-diamond-sports-20230722-ndvdj6btfreovbsyo7gk7eeony-story.html
Yup. Great article about that and many other failures of capitalism here if anyone wants something to share with a fence sitter in their life.