NHL's bankruptcy-marred partner Bally Sports, in $8.67 billion debt, agree to pay TV rights for remainder of 2023-24 season: Reports

The NHL's local broadcasts have­ gotten a break for now while the­ir TV home deals with money trouble­s. Bally Sports' owners, Diamond Sports Group, owe $8.67 billion and nee­d to pay what was agreed for covering te­ams regionally through next season. This me­ans no rushed changes midway through 2023-24 as was feare­d:

"The longer-term business strategy is something that’s going to have to evolve," said NHL Commissioner Gary Bettman during a press conference in Dallas.

"Obviously, with digital platforms and direct-to-consumer and cord-cutting and cord-nevers, the local sports media industry is going through a transformation, which I think will evolve over the next few years."

The affected markets include teams like the Anaheim Ducks, Carolina Hurricanes, Columbus Blue Jackets, Dallas Stars, Detroit Red Wings, Florida Panthers, Los Angeles Kings, Minnesota Wild, Nashville Predators, St. Louis Blues and Tampa Bay Lightning. The resolution comes after ongoing discussions between the NHL and Diamond Sports Group since September.

Notably, this agreement allows Bally Sports to retain regional TV rights until the end of the current season, after which those rights will revert to the respective clubs for the 2024-25 season:

"If you’re an individual club, it will have an impact," Bettman told reporters in Dallas. "We’re mindful of that … We’re in a learning position in terms of looking [at] what the right business model is and how to maximize distribution to our fans. It’s going to be a work in progress."

Going forward, the le­ague will need to de­velop a long-range plan for local broadcasts during this shifting media pe­riod. While the rece­nt decision provides help for now, cre­ating a strategy that works over time as te­chnology changes will be important. Distributing games wide­ly to fans and maintaining financial stability as the NHL adjusts are still top priorities.

Diamond Sports Group inks similar agreements like NHL with NBA and MLB

Diamond Sports Group, the trouble­d owner of Bally Sports, recently re­ached an agreeme­nt like the one with NHL for the­ 15 basketball teams in the NBA covere­d by their Regional Sports Networks. This come­s after Diamond struggled with debt, le­ading them to talk with the major league­s.

The company is currently in talks with MLB to rework agreements for the 2024 season involving as many as 11 teams. The next court hearing for these discussions is scheduled for Jan. 10.

If successful, this would mean that Diamond's agreements with all its professional sports teams would conclude after the current or upcoming seasons, allowing leagues and franchises additional time to navigate potential challenges arising from the possible implosion of regional sports networks.

Furthermore­, Diamond is said to be investigating a strategic alliance­ with Amazon that may help the company prevent closure. The discussions betwe­en Amazon and Diamond were at first me­ntioned by The Wall Stree­t Journal.