Diamond Sports ve la luz. The main owner of regional sports networks in the United States has received the go-ahead from the Houston court to continue with its business television and broadcasting, as it progresses Sporty.
The judicial green light allows Diamond to continue with its purpose of distributing games in the market for its thirteen teams in the National Basketball Association (NBA), for its eight teams in the National Hockey League (NHL) and six in Major League Baseball. (MLB).
United States Judge Chris Lopez granted the restructuring after the MBL withdrew an objection that had called into question the viability of Diamond Sports’ strategy. Emerging from bankruptcy, the company is ready to operate, primarily focusing on “delivering sports content directly to fans online.”
In a statement issued shortly after approval was granted, Diamond concluded that it hopes to complete the restructuring process in the coming weeks. Under the terms of the plan, The audiovisual group will have reduced its debt load from almost 9,000 million dollars to 200 million.
Diamond Sports had to get rid of the agreement with Sinclair, which they signed in 2019
Diamond closed renewals with different teams such as the Atlanta Braves, Detroit Tigers, Los Angeles Angels, Miami Marlins, St. Louis Cardinals and Tampa Bay Rays. A dozen NBA teams are also staying, including the Atlanta Hawks, Charlotte Hornets and Cleveland Cavaliers, among others.
For the teams that keep the broadcasts with Diamond Sports, It is possible that they will suffer changes in their cable broadcasts, due to the group’s restructuring plan. Atlanta Braves CEO Derek Schiller explains that “with this model they are reaching approximately 35% of the homes in their territory, when a little over a decade ago, that figure was more than 80%.”
Diamond sports filed for bankruptcy in March 2023. With the purpose of “stabilizing the financial situation and reorganizing the business and being able to continue operating,” they attempted to eliminate around $8 billion of their debt. The result of the operation meant separating from Sinclair, which in 2019 paid around $10.6 billion to take over Diamond Sports.
Diamond Sports Group, headquartered in Irvine, California, was founded in 1977. It is considered the main media and entertainment company specialized in sporting events in the United States. In 2019 it was acquired by Sinclair for a sum of around $10.6 billion.
