Diamond Sports, which operates the 19 Bally Sports channels, missed a $140 million interest payment earlier this month and is expected to file for Chapter 11 bankruptcy soon.

Bally broadcasts 14 MLB clubs plus several NBA and NHL teams.

In the wake of that news, along with New York Mets owner Steve Cohen amassing the largest payroll in baseball history, Major League Baseball has created an "economic reform committee."

The committee includes at least three owners -- John Henry (Boston Red Sox), Chris Ilitch (Detroit Tigers) and Dick Monfort (Colorado Rockies) -- among others.

"It came out of a recognition of a couple of issues — one new, one old — that were particularly acute for us," Rob Manfred said of the new committee. "The new one's the local media situation. I think that people see it as an opportunity to rethink the revenue side of the house a little bit, which has been hard in our sport. People entrenched in their local (media dynamics)."

MLB has formed economic committees in the past. These types of committees have historically determined owners who spend big must be reined in and owners who don't invest as much in their clubs do not have to be encouraged to spend further.