Diamond Sports Exits Bankruptcy with Prime Video Deal

Diamond Sports Group has officially emerged from Chapter 11 bankruptcy after a Texas judge approved its reorganization plan, marking the end of a 20-month period under bankruptcy protection. The company will now operate 16 FanDuel regional sports networks, holding broadcasting rights for 27 professional sports teams, including six MLB teams such as the Atlanta Braves and Tampa Bay Rays. The reorganization includes a significant deal with Amazon to stream games and a naming rights agreement with FanDuel. Despite initial objections from Major League Baseball and the Atlanta Braves, these were resolved, allowing the judge to emphasize the plan's compliance with legal requirements. Diamond's attorney highlighted the complicated journey to this point, indicating that the company is now poised to continue its operations and serve sports fans. The reorganization is viewed as a vital step to secure jobs and support the sports broadcasting landscape in the U.S.