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After 20 months of bankruptcy, Diamond Sports Group emerged with some stability as it signed new deals with the Atlanta Braves and five other MLB teams. This comes after it inked a commercial contract with Amazon to make its content available on Prime Video in a nonexclusive deal.
Before the 2024 MLB season, Diamond Sports Group held contracts of 12 MLB teams through the co-ownership of the Regional Sports Networks. Six of them left this season. Ahead of the hearing, DSG decided to restructure deals with five teams and keep the Atlanta Braves contract. However, the Braves rejected the offer saying they were unsure how the network would find stability during bankruptcy.
"Based on [Diamond’s] current inadequate record, the Braves and MLB have grave concerns that, if the plan is confirmed, there is a substantial likelihood that the debtors will find themselves once again in financial distress and/or bankruptcy court in the near future," Braves had written along with MLB.
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Their restructured deal with Amazon gives them a platform for diversification. Amazon had already become a minority investor in the company in March and sealed the deal with a commercial contract with Prime Video streaming. Because of their simultaneous deal with Fan Duel, DSG's content will also be available on the Fan Duel app.
Diamond Sports Group cleared of bankruptcy
Diamond Sports Group will also be allowed to return to normalcy as the court hearing cleared the company of bankruptcy because it acquired investment deals from Fan Duel and Amazon. As per the new naming rights, the group will be known as a new entity Fan Duel Sports Networks.
Also, the company held direct-to-TV and streaming rights for 13 NBA and 8 NHL teams. While the teams from these leagues didn't oppose any restructuring, the MLB was concerned about how the local sports handled by DSG would function. As a result, the Braves had filed an opposition that has now been withdrawn.
