Diamond Sports Exits Bankruptcy, Secures Amazon Deal for 27 Teams

Nov 14, 2024, 03:21 PM

Diamond Sports Group has emerged from bankruptcy after a 20-month process, securing court approval for its Chapter 11 reorganization plan. The plan includes a multi-year agreement with Amazon Prime Video to stream its 16 regional sports networks (RSNs) as add-on subscriptions, allowing fans to watch games of teams like the Angels, Braves, Cardinals, Marlins, Rays, and Tigers through Prime Video. The restructuring significantly reduces Diamond's debt from nearly $9 billion to $200 million, with more than $100 million in cash and equivalents. The company now has broadcast rights for 27 NBA, NHL, and MLB teams, with new deals struck with several MLB teams, including the Angels, Braves, Marlins, Rays, and Tigers. MLB has also announced that it will broadcast games for the Cincinnati Reds, bringing the total number of teams under its broadcasting umbrella to seven. The reorganization plan was approved by Judge Chris Lopez, who noted the complexity of the case. The approval paves the way for Diamond Sports, now branded as FanDuel Sports Network, to continue its operations with a more sustainable financial structure.