Bally Sports Broadcast Map - Photo by Bally Sports
MILWAUKEE, WI (WSAU) – Amazon is set to agree to a deal that will bring Bally Sports content to the streaming service and will provide a roughly $100 million lifeline to help broadcaster Diamond Sports with bankruptcy issues.
The New York Post reports that 18 networks nationwide, including Bally Sports North which carries the Milwaukee Brewers and Milwaukee Buck games, are owned by Diamond Sports. Details on availability and price will be revealed later, and for now, cable and satellite providers such as Charter will continue to offer regional sports programming like Bally Sports North to their customers.
The Post previously revealed that Diamond Sports filed for Chapter 11 bankruptcy in March 2023 and that the company owes $8.67 billion in a late 2021 financial report. A further $495 million will be given to Diamond by Sinclair as part of the bankruptcy settlement. Diamond had sued Sinclair for $1.5 billion, alleging that the company was overcharging for dividends and fees.
“We are thrilled to have reached a comprehensive restructuring agreement that provides a detailed framework for a reorganization plan and substantial new financing that will enable Diamond to operate and thrive beyond 2024,” Diamond Sports CEO David Preschlack said. “We are grateful for the support from Amazon and a group of our largest creditors who clearly believe in the value-creating potential of this business. Diamond’s near-term focus will be on implementing the RSA and emerging from bankruptcy as a going concern for the benefit of our investors, our employees, our team, league, and distribution partners, and the millions of fans who will continue to enjoy our broadcasts.”
An insider with direct knowledge of the deal told the Post that Diamond may fully sell the brand to Amazon at a later date, and Bally has agreed to drop its name from Diamond broadcasts after the 2024 baseball season.
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