Top Ad
I DIG Radio
www.idigradio.com
Listen live to the best music from around the world!
I DIG Style
www.idigstyle.com
Learn about the latest fashion styles and more...

Diamond Sports Group emerges from bankruptcy

Written by 
Published in Baseball
Thursday, 14 November 2024 09:15

Diamond Sports Group, the largest regional sports network operator in the United States, emerged from bankruptcy Thursday, on the 20-month anniversary of it filing for Chapter 11. Judge Christopher Lopez, presiding in the Southern District of Texas, approved the company's reorganization plan in court, saying it is "compliant with every provision under the law."

Diamond will emerge with 27 MLB, NBA and NHL teams under its portfolio, all of which can be watched through linear cable or streamed online.

The company recently agreed to a new naming-rights deal with FanDuel, as well as a commercial agreement with Amazon that will eventually allow subscribers to watch Diamond's RSNs locally through Prime Video. Those deals -- along with agreements with the company's largest distributors, most notably Comcast -- helped get Diamond past the finish line. Until last month, Diamond's broadcasts operated under the name Bally Sports.

One of the clearest signs that Diamond would emerge arrived Wednesday afternoon, when Major League Baseball and the Atlanta Braves withdrew their objection. MLB has had a testy relationship with Diamond over the past couple of years, annoyed by missed payments and skeptical of the company's financial sustainability. A tipping point arrived in early October, when Diamond submitted a reorganization plan that called for it to shed every MLB contract except that of the Braves.

But Diamond has since agreed to revised deals with the Los Angeles Angels, Miami Marlins, St. Louis Cardinals, Detroit Tigers and Tampa Bay Rays, all of which include direct-to-consumer streaming rights. A revised deal with the Braves, that also includes streaming rights, followed, prompting MLB and the Braves to withdraw their objection. The company maintains the rights to 13 NBA teams and eight NHL teams through at least the 2024-25 seasons.

The lone objection remaining Thursday revolved around the U.S. Trustee, which oversees bankruptcy cases, questioning legal releases in the reorganization plan. Judge Lopez ultimately ruled that he is OK with the releases, triggering Diamond's emergence.

Sinclair, which previously installed Diamond Sports Group as a subsidiary, originally purchased 21 regional channels from Fox for $10.6 billion in 2019 but took on $8 billion in debt in order to do so. That debt, coupled by accelerated cord-cutting amid an ever-changing media landscape, prompted Diamond to fall into bankruptcy.

Read 26 times

Soccer

Costa Rican club threatens FIFA suit for CWC spot

Costa Rican club threatens FIFA suit for CWC spot

EmailPrintOpen Extended ReactionsThe winningest team in Costa Rica is asking FIFA for a spot in next...

Ex-Man United star Mata buys stake in San Diego

Ex-Man United star Mata buys stake in San Diego

EmailPrintOpen Extended ReactionsFormer Spain international and World Cup winner Juan Mata has joine...

New owners seek Klopp's aid to transform Paris FC

New owners seek Klopp's aid to transform Paris FC

EmailPrintOpen Extended ReactionsThe Arnault family, owners of the LVMH luxury empire, plan to draw...

2026 FIFA


2028 LOS ANGELES OLYMPIC

UEFA

2024 PARIS OLYMPIC


Basketball

Knicks-Spurs to have Disney alt-cast on Dec. 25

Knicks-Spurs to have Disney alt-cast on Dec. 25

EmailPrintOpen Extended ReactionsBRISTOL, Conn. -- Mickey Mouse and many of Disney's iconic characte...

Hartenstein set to make season debut for OKC

Hartenstein set to make season debut for OKC

EmailPrintOpen Extended ReactionsThe Oklahoma City Thunder's stint without a center will end Wednesd...

Baseball

Sources: New bill seeks to protect minor leaguers

Sources: New bill seeks to protect minor leaguers

EmailPrintOpen Extended ReactionsSen. Dick Durbin plans to introduce the Fair Ball Act, a bill that...

Manfred expecting Sasaki to sign after Jan. 15

Manfred expecting Sasaki to sign after Jan. 15

EmailPrintOpen Extended ReactionsNEW YORK -- With uncertainty looming over when Japanese baseball st...

Sports Leagues

  • FIFA

    Fédération Internationale de Football Association
  • NBA

    National Basketball Association
  • ATP

    Association of Tennis Professionals
  • MLB

    Major League Baseball
  • ITTF

    International Table Tennis Federation
  • NFL

    Nactional Football Leagues
  • FISB

    Federation Internationale de Speedball

About Us

I Dig® is a leading global brand that makes it more enjoyable to surf the internet, conduct transactions and access, share, and create information.  Today I Dig® attracts millions of users every month.r

 

Phone: (800) 737. 6040
Fax: (800) 825 5558
Website: www.idig.com
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Affiliated