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Jan 17, 2024, 08:34 AM ET
Amazon will partner with Diamond Sports as part of a restructuring agreement as the largest owner of regional sports networks looks to emerge from bankruptcy.
Diamond owns 18 networks under the Bally Sports banner. Those networks have the rights to 37 professional teams: 11 MLB, 15 NBA and 11 NHL.
Diamond Sports has been in Chapter 11 bankruptcy proceedings in the Southern District of Texas since it filed for protection last March. The company said in a late 2021 financial filing that it had debt of $8.67 billion.
The terms of the agreement were announced by Diamond Sports on Wednesday morning. Amazon had no comment. It remains subject to approval by the bankruptcy court.
The agreement with Diamond Sports’ largest creditors allows it to emerge from bankruptcy, continue operations and prevents a total collapse of the regional sports network system where the NBA, NHL and MLB would have to step in to take over production and distribution of most of their teams.
Amazon will provide access to Diamond Sports’ content on Prime Video, where customers will be able to watch their local team’s games. EPA/CRISTOBAL HERRERA-ULASHKEVICH
Last season, MLB had to take over production and distribution of the San Diego Padres and Arizona Diamondbacks after Diamond let rights payments to the Padres lapse and was unable to agree to an amended deal with the Diamondbacks.
Under the terms of the restructuring agreement, Amazon will make a minority investment in Diamond and enter into a commercial arrangement to provide access to Diamond’s content via Prime Video.
Customers will be able to access their local team’s content on Prime Video channels where Diamond has rights. Pricing and availability will be announced at a later date. Regional sports content will also remain available on cable and satellite providers.
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Source link : https://www.espn.com/espn/story/_/id/39327963/amazon-invest-diamond-sports-part-bankruptcy-deal
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Publish date : 2024-01-17 13:55:18
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