Bally Sports and its parent company, Diamond Sports Group, have revealed plans for a debt restructuring, signaling a potential exit from bankruptcy. The move is expected to have implications for fans of the Texas Rangers, Dallas Mavericks, and Dallas Stars, offering a resolution to the broadcasting challenges faced by cord-cutters. Amazon is set to play a key role in this development by making a minority investment in Diamond Sports Group.
Under the terms of the deal, Amazon would secure streaming rights for NBA, MLB, and NHL games through its Prime Video platform. This includes teams currently under contract with Bally Sports, such as the Rangers, Mavericks, and Stars, among others. Bally Sports, with its 18 regional sports networks, holds broadcasting rights for over 30 professional sports teams.
The restructuring is seen as a significant step, especially considering that streaming providers YouTube TV and Hulu dropped Bally Sports from their lineups in 2020 due to fee-related disputes. This left cord-cutters without a viable option to watch games. However, platforms like DirecTV, Fubo, and Spectrum continued to carry Bally Sports in the Dallas-Fort Worth region.
While the details of the agreement with Amazon are yet to be fully disclosed, it marks a potential breakthrough for fans seeking access to games via streaming services. The announcement did not specify when teams might begin appearing on Amazon Prime, which teams would be retained, or the cost associated with streaming games on the platform.
Diamond Sports Group CEO David Preschlack expressed gratitude for the support from Amazon and major creditors, emphasizing the belief in the value created by the business. He highlighted the company’s focus on implementing the restructuring plan, with an ultimate goal of emerging from bankruptcy as a sustainable entity. The deal is contingent on approval from the U.S. Bankruptcy Court for the Southern District of Texas before it can be finalized.
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