Amazon's Strategic Investment in Diamond Sports Rescues Company from Bankruptcy
Diamond Sports Group, the largest U.S. operator of regional sports networks, has unveiled a restructuring support agreement with creditors to emerge from Chapter 11 bankruptcy, with Amazon making a minority investment and becoming its streaming partner, while Sinclair will pay $495 million to settle litigation and provide ongoing management services. Prime Video will be the primary partner for streaming services, and the agreement also includes financing from certain debt holders to support operations and repay existing debt. Diamond operates 19 RSNs under the Bally Sports brand and plans to continue partnering with existing distribution partners for MLB, NBA, and NHL content.
- Amazon to Buy Minority Stake in RSNs Giant Diamond Sports, Sinclair to Pay $495M in Settlement Hollywood Reporter
- Amazon to invest in Diamond Sports as part of bankruptcy deal ESPN
- Amazon poised to save bankrupt Diamond Sports with $100M deal to stream five MLB teams: sources New York Post
- Diamond Sports Announces Deal With Amazon, Creditors to Restructure Sportico
- Diamond Sports in deal to emerge from bankruptcy, signs streaming pact with Amazon CNBC
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