A sevenfold surge in distressed media debt since March, led by Diamond Sports Group LLC, highlights elevated default risk for a sector still reeling from the pandemic.
Distressed bonds and loans from media companies jumped almost 20% in the latest week to about $13.6 billion as of Oct. 9, data compiled by Bloomberg show. That includes debt from Clear Channel Worldwide Holdings Inc., Cengage Learning Inc., McGraw-Hill Global Education Holdings LLC, TV Azteca SAB de CV, Entercom Media Corp. and Liberty Media Corp., according to Bloomberg data.
