Diamond Sports Group Set to Emerge From Bankruptcy, Inks DTC Streaming Deal With Prime Video

Diamond Sports Group Set to Emerge From Bankruptcy, Inks DTC Streaming Deal With Prime Video A judge approved a reorg plan 20 months after the company filed for bankruptcy protection By Jason Dachman, Editorial Director, U.S.

Thursday, November 14, 2024 - 1:01 pm

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It has been a busy few days for the much-maligned Diamond Sports Group, which appears set to emerge from bankruptcy after months of trials and tribulations. A multi-year agreement that will allow Prime Video users to stream Diamond's 16 FanDuel regional sports networks was announced on Wednesday, and a bankruptcy judge signed off on the company's reorganization plan today.

Diamond Exits the Rough: RSN Group Will Emerge With Rights to 27 Pro Teams

Twenty months after Diamond filed for Chapter 11 bankruptcy protection, Judge Christopher Lopez, presiding in the Southern District of Texas, approved its reorganization plan in court today.

Diamond has been under bankruptcy protection since March 2023 and has made a series of major moves - including nixing or renegotiating the terms of rights deals with several teams - in an effort to prove that it can be a viable company in the future. In addition to yesterday's announcement with Prime Video, Diamond recently signed a naming-rights deal with Flutter's FanDuel for its 16 RSNs and unveiled plans to offer single-game pricing for its direct-to-consumer (DTC) streaming menu starting Dec. 5.

In addition, Diamond agreed to a multiyear rights renewal with the St. Louis Cardinals last week, having agreed to revised deals (all including DTC streaming rights) with the Los Angeles Angels, Miami Marlins, Detroit Tigers, and Tampa Bay Rays in recent months. Yesterday, Major League Baseball and the Atlanta Braves withdrew their objection to Diamond's reorg plan, thanks to a revised deal that also includes streaming rights. Meanwhile, the Kansas City Royals appear to be moving on from Diamond, although no official announcement has been made.

Diamond will emerge from bankruptcy protection with both linear-cable and streaming rights to 27 pro sports teams - 13 NBA teams, eight NHL teams, and six MLB teams - through at least their 2024-25 seasons.

Additional information regarding Diamond's Chapter 11 cases, including court filings and information about the claims process, are available at https://cases.ra.kroll.com/DSG.

All 16 FanDuel RSNs Arrive on Prime Video The multiyear agreement with Prime Video enables DTC local access to Diamond's FanDuel Sports Network's 16 RSNs serving fans in 31 states. Under the terms of the agreement, the RSNs will be available via Prime Video as an add-on subscription for customers living within each team's designated geographic area. Financial terms were not announced, but more details about the service will be revealed at a later date.

Customers will be able to subscribe to and watch their local FanDuel Sports Network content, including live games and pre/postgame programming, directly through Prime Video. Amazon will market the availability of FanDuel Sports Network content on Prime Video.

Providing a seamless and customized viewing experience, Prime Video allows fans to subscribe, manage, and watch their favorite streaming services and sports content in one place.

Says Diamond CEO David Preschlack, Partnering with Prime Video, one of the largest streaming destinations in the U.S., and making FanDuel Sports Network available as part of their add-on subscriptions, creates a tremendous opportunity for us to expand our reach and better connect with viewers. Our partnerships with Prime Video and FanDue combine with our agreements with team, league, and distribution partners to support a transformative reorganization of our business and a leading linear and digital offering that will continue driving long-term value and enhanced experiences for our partners and fans.

Now available on Prime Video are the NBA's Magic, Pistons, Pacers, Hawks, Heat, Hornets, T'Wolves, Spurs, Cavaliers, Bucks, Grizzlies, Clippers, and Thunder and the NHL's Hurricanes, Blue Jackets, Red Wings, Kings, Wild, Predators, Blues, and Lightning.

Amazon had previously agreed to a deal to infuse Diamond with $115 million in exchange for exclusive digital rights to all the company's teams, pending exit from bankruptcy. Although the new deal is no longer exclusive, Prime Video will end up carrying Diamond Sports Group's games after all.

LINK:	https://www.sportsvideo.org/2024/11/14/diamond-sports-group-emerges-fr...
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