Diamond Sports has received court approval for its reorganization plan, allowing the company to exit bankruptcy and significantly reduce its debt load. The owner of regional sports networks restructured deals with professional sports teams and leagues and secured agreements with Amazon Prime Video and FanDuel. Diamond now holds local broadcasting rights for multiple NBA, NHL, and MLB teams. The company emerges from bankruptcy with $100 million in cash and is positioned to operate under new ownership. It faces ongoing challenges due to changes in the pay-TV model and the rise of cord-cutting.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Diamond Sports has received court approval for its first reorganization plan,
00:06allowing the company to exit bankruptcy and significantly reduce its debt load.
00:10The owner of Regional Sports Networks restructured deals with professional sports teams
00:14and leagues and secured agreements with Amazon Prime Video and FanDuel.
00:18Diamond now holds local broadcasting rights from multiple NBA, NHL, and MLB teams.
00:24The company emerges from bankruptcy with $100 million in cash
00:27and is positioned to operate under new ownership.
00:30It does face ongoing challenges due to changes in its pay-TV model
00:34and also the rise of cord cutting.
00:36For all things money, visit Benzinga.com slash GSTV.