Diamond Sports Group, the largest owner of regional sports networks, has successfully emerged from bankruptcy after having its reorganization plan approved by Judge Christopher Lopez in U.S. Bankruptcy Court in Houston. The company had been in Chapter 11 bankruptcy proceedings since March 2023, with a significant debt of $8.67 billion. However, with the reorganization, Diamond will now have a much lighter debt load of around $200 million.
The company, which previously owned 19 networks under the Bally Sports banner and had rights to 42 professional teams, now operates under the FanDuel Sports Network banner after a naming rights deal. With 16 networks covering fans in 31 states, Diamond Sports Group is poised to deliver high-quality live sports content to fans through both linear and direct-to-consumer platforms.
As part of the reorganization plan, Diamond has voided contracts with the Detroit Tigers and Tampa Bay Rays, while negotiating new deals with franchises like the St. Louis Cardinals, Los Angeles Angels, and Miami Marlins. Talks are ongoing with the Kansas City Royals, and the company remains open to discussions with the Cincinnati Reds.
Streaming rights are a key focus for Diamond as it looks to expand its audience. The company recently reached an agreement with Prime Video to offer its channels as an add-on subscription. Additionally, viewers will soon have the option to purchase single-game access for NBA and NHL games through Diamond’s direct-to-consumer app.
Diamond Sports Group, in partnership with Sinclair Broadcast Group, acquired the regional sports networks from The Walt Disney Co. for nearly $10 billion in 2019. The reorganization and emerging from bankruptcy mark a new chapter for Diamond Sports Group as it looks to strengthen its position in the sports media landscape.
