The Athletic wrote up a good article.
“
One source, who has advised some of the creditors, believes Diamond is sending a message to MLB with the move, as if to taunt them with how much the Padres are losing. This source texted: “The question to ask is, ‘What is MLB doing?’ I mean they just cost the Padres a bunch of money without a clear way to replacement.
“I would expect MLB will try to launch a new RSN but it is impossible to fathom that they will get (anywhere) near the approx $50-60 million per annum they (were) getting from Bally’s. It will probably be half that and maybe even on a sports tier.”
That said, MLB controls the Padres’ digital rights, the feature Diamond fruitlessly negotiated for the last several years. Now MLB can sell all media platforms for the Padres, one small step toward its goal of a local/national multiplatform viewing option. — Kaplan”