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MLB Teams Turn to League as Main Street Sports Strikes Out
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Welcome to WSJ Pro Bankruptcy's Daily Briefing. It's Wednesday, February 4. In today's briefing, after Main Street Sports Group missed payments, six MLB teams moved their local TV rights to the league itself, accepting revenue cuts to keep games on the air ahead of spring training.
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The Cincinnati Reds are among the teams that terminated their deals with Main Street Sports Group. Jeff Dean/Getty Images
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It’s Almost Baseball Season. Some Teams Are Still Hunting for a TV Home.
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At least six more Major League Baseball teams just locked in a new partner for televising their games: the league itself.
The Cincinnati Reds, Kansas City Royals, Miami Marlins, Milwaukee Brewers, St. Louis Cardinals and Tampa Bay Rays until recently had broadcast deals with Main Street Sports Group. But that company began missing payments to franchises over the winter, and despite earlier talks with British media company DAZN, it hasn’t successfully found a buyer or new financing.
With spring training days away, teams rushed to find a way to earn revenue from local game broadcasts. While regional sports networks guaranteed rights payments, MLB’s structure is different. Teams have taken revenue haircuts in local media of more than 30% after switching to MLB, according to people familiar with the financials.
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Capri Works to Resume Shipments to Saks
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The parent of Michael Kors and Jimmy Choo said it was working with Saks Global to begin shipping the retailer again after it filed for bankruptcy protection in January.
"We're excited about the new management team that's leading Saks Global," said John Idol, the CEO of Capri. "We have a lot of confidence in what their strategy is. We also think that a leaner Saks Global will be one that will be successful and very focused. And so we intend on being very, very supportive of their strategies and to help them succeed." Capri said it had reserved $15 million against losses related to the bankruptcy of Saks Global, which owns Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman. In Saks's bankruptcy filing, Capri is listed as an unsecured creditor that is owed $33 million.
--Suzanne Kapner
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Law firm Ice Miller Opens Delaware Office, Taps Samis From Potter Anderson
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Ice Miller has opened a Wilmington, Del., office to expand its bankruptcy and restructuring practice. The office is led by partner Christopher Samis, who joined from Potter Anderson & Corroon, where he worked on chapter 11 cases, including cryptocurrency broker Voyager Digital, film producer Village Roadshow Entertainment Group, and drugmaker Clovis Oncology.
Samis has represented debtors, creditors’ committees and other parties across industries such as retail, energy, healthcare and technology.
Ice Miller’s bankruptcy group has advised on restructurings involving real-estate developer National Realty Investment Advisors, 3M earplug subsidiary Aearo Technologies and the Roman Catholic Diocese of Norwich.
Joshua Christie, its chief managing partner, said the firm expects to add more lawyers in Delaware.
—Becky Yerak
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AI Fears Sink Shares of Private-Credit Fund Managers
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Shares of private-fund managers fell sharply Tuesday on concerns that the advent of artificial intelligence will tank their investments in software companies.
Ares Management and Blue Owl Capital shares dropped about 10%, while Apollo Global Management and KKR fell 4.8% and 9.7% respectively. Blackstone lost 5.2%. The moves follow a steep selloff in public stocks and debt of software companies that some analysts fear will become obsolete as more companies turn to AI for their technology needs.
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Blackstone’s Jon Gray Sees Disruption Risk in Private Credit
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Photo: Nina Babel for WSJ
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Jon Gray, Blackstone’s president and chief operating officer, said Tuesday at WSJ Invest Live that the private-credit industry is healthy despite issues with a handful of specific investments in recent months.
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“The difference between the headlines and the reality we see in our portfolio is quite stark."
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— Jon Gray, President and COO at Blackstone
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Still, he called out “disruption risk” in the sector, citing an accelerating pace of change from artificial intelligence and other advancements that could have implications on company valuations and business models across industries.
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