DIRS.INFO The most relevant business & tech news

Diamond Sports moved closer to exiting bankruptcy on Thursday after a bankruptcy judge approved its reorganization plan, which slashes the hefty debt load that toppled the company. The green light is a significant milestone for the owner of regional sports networks, which has been under bankruptcy protection since March 2023. It presented its reorganization plan to the court with a standing objection from the U.S. The reorganization plan that received court approval on Thursday will see Diamond's debt load cut from nearly $9 billion to $200 million. Diamond is now unencumbered by legacy debt, financially stable and enthusiastically supported by new ownership," Diamond CEO David Preschlack said in a release Thursday.

Persons: Jose Siri, Dansby Swanson, Travis d'Arnaud, Diamond, David Preschlack Organizations: Major League Baseball's Houston Astros, Atlanta Braves, Diamond Sports, Amazon, Major League Baseball, U.S ., Diamond Locations: Truist, Atlanta

☆ Diamond Sports, Comcast reach a deal to return Bally regional sports to cable customers
▼ + stars: | 2024-07-29 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

Bally Sports regional channels are returning to Comcast cable TV customers. Diamond Sports — the owner of Bally Sports-branded regional sports networks — reached a deal with Comcast on Monday that will see its networks go live for cable customers on Aug. 1. Pay TV companies such as Comcast have been bleeding customers in recent years as customers opt for cheaper streaming options. Comcast said last week it lost 419,000 domestic cable customers during the second quarter and now has roughly 13.2 million subscribers in total. Once a lucrative business, regional sports networks have been particularly squeezed by customers leaving the cable bundle.

Persons: Diamond, David Preschlack, expeditiously, Preschlack Organizations: Bally, MLB's Houston Astros, Minnesota Twins, Target, Bally Sports, Comcast, Diamond Sports, —, Major League Baseball, National Basketball Association and National Hockey League, MLB, Detroit Tigers, Charter Communications, DirecTV, NHL, NBA, Bankruptcy, Southern, Southern District of, Diamond, Pay, CNBC Locations: Minneapolis , Minnesota, Xfinity, U.S, Southern District, Southern District of Texas, NBCUniversal

Amazon will partner with Diamond Sports as part of a restructuring agreement as the largest owner of regional sports networks looks to emerge from bankruptcy. Diamond Sports has been in Chapter 11 bankruptcy proceedings in the Southern District of Texas since it filed for protection last March. Under the terms of the restructuring agreement, Amazon will make a minority investment in Diamond and enter into a commercial arrangement to provide access to Diamond’s content via Prime Video. Customers will be able to access their local team's content on Prime Video channels where Diamond has rights. Under an agreement with creditors last year, Diamond Sports Group became a separate company from Sinclair.

Persons: Diamond, Sinclair, David Preschlack, ” Diamond, ___ Organizations: Amazon, Diamond Sports, Bally Sports, —, NBA, NHL, Southern District of, MLB, San Diego Padres, Arizona Diamondbacks, Padres, Diamondbacks, Diamond, New York Yankees, Brooklyn Nets, YES, Sinclair Broadcast Group, Walt Disney Co, Disney, Department of Justice, Diamond Sports Group, Sinclair, RSA, Major League Baseball Locations: Southern District, Southern District of Texas, Diamond’s

☆ The largest broadcaster of local sports in US filed for bankruptcy, but still hopes broadcasts won't be disrupted
▼ + stars: | 2023-03-15 | by ( Aaron Mcdade | ) www.businessinsider.com time to read: +3 min

Diamond Sports Group has filed for Chapter 11 bankruptcy protection and will restructure. Diamond operates the largest group of regional sports networks in the country, covering dozens of NBA, MLB, and NHL teams. The company said in a statement that it expects to broadcast games as planned during the restructuring. MLB created a "local media group," hiring several executives with decades of experience in regional sports broadcasting. Discovery announced that it planned to exit the regional sports business, and sever ties with its struggling AT&T Sportsnet channels, which broadcast games for several MLB, NBA, and NHL teams.

☆ Diamond Sports, largest owner of regional sports networks, files for bankruptcy
▼ + stars: | 2023-03-14 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

Diamond Sports Group, the largest owner of regional sports networks, filed for bankruptcy protection on Tuesday, toppled by a more than $8 billion debt load. Diamond, like other regional sports networks, has been focused on growing its streaming presence. As of Tuesday, Diamond said, it was still finalizing the restructuring support agreement with creditors. The plan could see Diamond separate from Sinclair to become a standalone operation, Diamond said. And, while Diamond obtained streaming rights for all of its NBA and NHL teams last year, it has been working on a team-by-team basis for MLB.

Sinclair acquired the portfolio of regional sports networks from Disney in 2019 for $10.6 billion, including roughly $8 billion in debt. Diamond Sports' portfolio includes Bally Sports Detroit, Bally Sports Florida and Bally Sports Southwest. Its networks are home to more than half of MLB, NHL and NBA teams in the U.S., Diamond says. As consumers flee traditional pay-TV bundles, cable networks, particularly the regional sports networks, have felt the brunt of it. Concerns that Diamond could forgo paying the rights payments while under bankruptcy protection have been discussed at the leagues, the people said.

Search resuls for: "Preschlack"

6 mentions found