They have to cover all those broadcast deals that were signed when cord cutting wasn't perceived to be the threat that it has become, when they paid big bucks and signed away their own rights to offer online broadcasts of certain leagues. Cutters both erodes their subscriber base from cable/satellite providers and shrinks their advertising base. The cuts were both to save money but also some horribly directed attempt to woo cutters back, as if some fresh from college, underpaid broadcaster talking about sports gambling or fantasy for 30% of a broadcast was the panacea to entire generations finally saying "fuck cable tv".