Diamond Sports, the parent company of Bally Sports RSNs, stated in January that it had reached an agreement to exit bankruptcy.
With this transaction, Amazon will become a minority stakeholder in Diamond Sports, which owns Bally Sports. This agreement will make Amazon the new home of Bally Sports streaming for direct-to-consumer packages.
“We are overjoyed to have secured a comprehensive restructuring agreement that establishes a clear framework for a reorganization plan as well as significant additional capital that will allow Diamond to operate and prosper after 2024. We are grateful for Amazon’s and a handful of our top debtors’ backing, as they obviously believe in this business’s value-creation potential. Diamond’s immediate priority will be to implement the RSA and emerge from bankruptcy as a going concern for the benefit of our investors, staff, team, league and distribution partners, and the millions of fans who will continue to watch our broadcasts.” According to David Preschlack, CEO of Diamond Sports.
This agreement with Amazon will allow Americans to purchase live access to MLB, NBA, and NHL games via Amazon’s Prime Video channels. This deal is only valid for consumers who live in the markets that these teams compete in.
So, when will Bally Sports games become available on Amazon’s Prime Video Channels?
According to a statement on Bally Sports’ website, the agreement is still seeking final approval. Here’s what Bally Sports says about when they’ll begin streaming on Amazon. “Once this deal is approved and goes into effect, Bally Sports+ will be available for purchase on Amazon’s Prime Video Channel platform at an additional cost. If you already have a pay TV provider, nothing will change. As a reminder, Bally Sports+ now provides fans with direct streaming access to their respective NBA and NHL teams, as well as the Detroit Tigers, Kansas City Royals, Miami Marlins, Milwaukee Brewers, and Tampa Bay Rays.”
Diamond Sports has also signed an agreement on the Bally Sports naming rights. According to the agreement, Bally Sports will be able to use its current moniker for free until the 2024 MLB season. After the 2024 MLB season, the naming rights arrangement will expire, with Bally concluding its collaboration to call the RSNs Bally Sports.
This transaction is backed by 85% of the Company’s first lien debt holders, more than half of its second lien debt holders, and more than 66% of its unsecured bonds. This agreement is also subject to judicial approval.
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