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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 owns 18 networks under the Bally Sports banner. Those networks have the rights to 37 professional teams: 11 MLB, 15 NBA and 11 NHL.

Diamond Sports has been in Chapter 11 bankruptcy proceedings in the Southern District of Texas since it filed for protection last March. The company said in a late 2021 financial filing that it had debt of $8.67 billion.

The terms of the agreement were announced by Diamond Sports on Wednesday morning. Amazon had no comment. It remains subject to approval by the bankruptcy court.

The agreement with Diamond Sports’ largest creditors allows it to emerge from bankruptcy, continue operations and prevents a total collapse of the regional sports network system where the NBA, NHL and MLB would have to step in to take over production and distribution of most of their teams.

Last season, MLB had to take over production and distribution of the San Diego Padres and Arizona Diamondbacks after Diamond let rights payments to the Padres lapse and was unable to agree to an amended deal with the Diamondbacks.

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. Pricing and availability will be announced at a later date. Regional sports content will also remain available on cable and satellite providers.

An attorney for Diamond Sports Group called the agreement a “watershed” moment for the company’s bankruptcy process in a court hearing later Wednesday. But attorneys for MLB and the NBA noted that the leagues had just been made aware of the deal and still had a lot to sift through, a point later echoed by an attorney for the unsecured creditor committee.

An attorney for Diamond assured the bankruptcy judge that it will broadcast nine teams under its portfolio for the entirety of the 2024 MLB season and will pay what it owes those teams under its current contract, while adding that it is in talks with three other teams on broadcasting their games at a reduced price. The attorney did not name the latter three teams, but the reigning World Series champion Texas Rangers are among them.

A hearing between MLB and Diamond Sports Group that had been scheduled for Friday — and was rescheduled from last Wednesday — has been pushed back indefinitely. Diamond previously faced a March deadline to firm up a restructuring plan but says it will provide details for its new arrangement well ahead of that date.

“There’s a lot to take in, a lot to digest,” Judge Chris Lopez said as part of his closing remarks.

Amazon Prime already carries some New York Yankees and Brooklyn Nets games produced by the YES Network.

Diamond also has an agreement in principle with Sinclair to settle the pending litigation between the companies and the other named defendants. The settlement is supported by Diamond’s creditors that are parties to the RSA.

Sinclair Broadcast Group bought the regional sports networks from The Walt Disney Co. for nearly $10 billion in 2019. Disney was required by the Department of Justice to sell the networks for its acquisition of 21st Century Fox’s film and television assets to be approved.

Even before Sinclair bought the regional networks, the business was in a downturn due to cord-cutting and declines in advertising revenue after entering into exorbitant long-term deals with some teams.

Under an agreement with creditors last year, Diamond Sports Group became a separate company from Sinclair.

As part of the settlement, Sinclair will pay Diamond $495 million and provide ongoing services to support Diamond’s reorganization. The proceeds from the settlement will also pay off some creditors.

“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 in a statement. “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.”

Diamond recently reached agreements with the NHL and NBA to keep local rights through the end of this season. It remains in discussions with MLB on reworked agreements for the upcoming season, with the next court hearing scheduled for Friday.

ESPN’s Alden Gonzalez and The Associated Press contributed to this report.

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Rantanen’s ‘fitting’ hat trick caps Stars’ G7 win

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Rantanen's 'fitting' hat trick caps Stars' G7 win

Many of Mikko Rantanen’s greatest moments have come in a Colorado Avalanche sweater. It’s just that the most defining moment of his career came at their expense.

It wasn’t enough that the Dallas Stars were trailing by two goals. It was also the fact that Rantanen scored a hat trick in a string of four unanswered goals that saw his current team, the host Stars, eliminate his old team, the Avalanche, in a 4-2 win Saturday in Game 7 of the Western Conference quarterfinals at the American Airlines Center.

“Obviously, the feeling was incredible to win a series,” Rantanen said in his postgame media availability. “This series was not exactly what I expected. I expected a seven-game series, even before Game 1. The ups and downs in the series. … Belief was there with the group the whole time. Obviously, I was able to make a pay to get the first one and the crowd started to roll.”

The Stars, attempting to reach the conference finals a third straight time, will advance to the semifinal round in which they will await the winner of series featuring the St. Louis Blues and Winnipeg Jets. That encounter will be decided Sunday in Game 7 in Winnipeg.

Soon, the Stars’ collective focus will shift to another Central Division foe. But for now? The attention before, during, and after the game, was on Rantanen.

Part of what made the Avalanche-Stars series arguably the most intriguing first-round series in either conference was the fact it placed two 100-point teams that are in championship window against each other. But, it also came with several subplots with the notable being the team that traded quite a bit to land Rantanen — with the hope he could win them a Stanley Cup now — needed him to defeat the team that he won a championship with back in 2022.

With one assist through the first four games, there was a discussion about if the Stars could manage to win with a sputtering Rantanen on top of the fact they were already without two of their best players in defenseman Miro Heiskanen and forward Jason Robertson.

Rantanen responded with a three-point performance in Game 5, and a four-point performance in Game 6 only to then have a hand in each goal on Saturday. His first goal came on the power-play with 12:12 remaining in the third period when he found enough space to fire a wrist shot that beat MacKenzie Blackwood.

Then came the game-tying goal and the significance it carried. The Stars went on the power play went Avalanche forward Jack Drury was called for holding. Drury part of the trade package the Carolina Hurricanes used to get Rantanen in late January before they would trade him to the Stars.

Drury’s penalty opened the door for Rantanen to score a game-tying goal that might be one of, if not, his signature salvo. Rantanen skated into the Avalanche zone in a 1-on-3 before he split two players before going around the net for a wrap-around goal that went off the skate of Samuel Girard with 6:14 left.

Three minutes later, the Stars received another power-play opportunity that saw Rantanen along with another former Avalanche forward in Matt Duchene work together to find Wyatt Johnston for the game-winning goal.

In the final minute, the Avalanche pulled Blackwood in the attempt to grab a late goal and force over time. Instead? Stars goaltender Jake Oettinger withstood a barrage that officially ended when Stars forward Tyler Seguin got the puck out of the zone only for Rantanen to skate in on an open net for the hat trick with three seconds left.

“I couldn’t care less who scored for them, I really couldn’t,” Avalanche captain and left winger Gabriel Landeskog said when asked about what it was like to watch Rantanen score a hat trick. “Mikko is one of my best friends and I love him, but I couldn’t care if he scored or if somebody else scored.”

For eight full seasons, Rantanen was part of a homegrown movement that saw the Avalanche go from finishing with what was then the worst record in the salary cap era back in 2016-17 to become a perennial favorite to win the Stanley Cup, which did they did in 2023, while also becoming a model for the need to build through the draft.

Building through stars such as Cale Makar, Nathan MacKinnon, Landeskog and Rantanen allowed the Avalanche to become a success. As did the moves they made to get other key figures like Valeri Nichushkin and Devon Toews.

Like all teams in a championship window, the Avs were facing the prospect of possibly making a difficult decision. They had yet to agree to a new contract with Rantanen, who was a pending unrestricted free agent. Then, came the blockbuster trade that few throughout the league saw coming.

The Avalanche traded Rantanen in a three-team trade that saw them get Martin Necas and Drury along with two draft picks. Rantanen’s time with the Carolina Hurricanes was limited to just two goals and six points in 13 games.

Despite the fact the Hurricanes are also among that cadre of championship contenders, Rantanen struggled to find cohesion in Raleigh. Rather than run the risk of watching leave for nothing in free agency, the Hurricanes put out feelers to a few teams with the Stars being one of them.

A long-time admirer of Rantanen, the Stars packaged two first-round picks, three second-round picks and former prized prospect Logan Stankoven to get Rantanen. They then signed him to an eight-year contract worth $12 million annually.

“It’s two things: It’s where our team’s at, and it’s Mikko Rantanen,” Stars general manager Jim Nill told ESPN back in March.

Rantanen finished the regular season with five goals and 18 points in 20 games prior to the showdown with his former team.

Not only did Rantanen’s hat trick condemn his former team to their second first-round exit since winning the Stanley Cup, but it continued a theme of former Avalanche eliminating their previous employers.

The Avalanche and Stars faced each other in last season’s Western Conference semifinal that saw Duchene, a former Colorado first-round pick, score the game-winning goal.

A year later, it was another former Avalanche first-round pick who delivered the devastating blow.

“It seems pretty fitting,” Johnston said about Rantanen. “Obviously, we want to win for each other and I think that goes a little extra when it’s a guy like that who is such a big part of our team and was there for a long time and everyone knows the trade that went on. It’s so awesome. We’re so happy as a group for him.”

As if Rantanen scoring a hat trick in a four-goal comeback wasn’t enough, there’s also the fact that this is now the ninth consecutive Game 7 that Stars coach Peter DeBoer has won his career.

DeBoer’s nine wins in Game 7s broke a tie with Darryl Sutter for the most in NHL history. It was also DeBoer’s third game 7 wins with the Stars.

“I felt something was going to happen,” DeBoer said. “But I could not have predicted that.”

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Canes’ Andersen, 35, secures deal before Round 2

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Canes' Andersen, 35, secures deal before Round 2

RALEIGH, N.C. — The Carolina Hurricanes have signed goaltender Frederik Andersen to a one-year contract for next season, worth $2.75 million for the 35-year-old veteran.

General manager Eric Tulsky announced the deal Saturday, a little over 48 hours before his team starts the second round of the playoffs against the Washington Capitals.

Andersen could earn up to $750,000 in incentives for games played and his participation in a potential run to the Eastern Conference finals next season. He would get $250,000 for playing 35 or more games, another $250,000 for getting to 40 and $250,000 if the Hurricanes reach the East finals and he plays in at least half of the playoff games.

“Frederik has played extremely well for us and ranks in the top 10 all-time for winning percentage by an NHL goalie,” Tulsky said. “We’re excited that he will be staying with the team for next season.”

Andersen and the Hurricanes, the No. 2 seed in the Metropolitan Division, advanced past the New Jersey Devils in Round 1 last week. They will meet the Capitals, who won the division crown, for the right to make the NHL’s final four.

Extending Andersen could give the team a goaltending tandem with Pyotr Kochetkov for less than $6 million combined.

Anderson, a Denmark native who previously played for the Anaheim Ducks and Toronto Maple Leafs, has become coach Rod Brind’Amour’s most trusted option in net. He is expected to return to the starting role for Game 1 of the Capitals series after getting injured in the first round against New Jersey.

The Associated Press contributed to this report.

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Sovereignty outduels Journalism to capture Derby

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Sovereignty outduels Journalism to capture Derby

LOUISVILLE, Ky. — Sovereignty outdueled 3-1 favorite Journalism down the stretch to win the 151st Kentucky Derby in the slop on Saturday.

Trainer Bill Mott won his first Derby in 2019, also run on a sloppy track, when Country House was elevated to first after Maximum Security crossed the finish line first and was disqualified after a 22-minute delay.

This time, he knew right away.

Sovereignty won by 1½ lengths and snapped an 0-for-13 Derby skid for owner Godolphin, the racing stable of Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum.

It was quite a weekend for the sheikh. His filly, Good Cheer, won the Kentucky Oaks on Friday and earlier Saturday, Ruling Court won the 2,000 Guineas in Britain.

Sovereignty covered 1¼ miles in 2:02.31 and paid $17.96 to win at 7-1 odds.

Journalism found trouble in the first turn and jockey Umberto Rispoli moved him to the outside. He and Sovereignty hooked up at the eighth pole before Sovereignty and jockey Junior Alvarado pulled away.

Baeza was third, Final Gambit was fourth and Owen Almighty finished fifth.

Rain made for a soggy day, with the Churchill Downs dirt strip listed as sloppy and horse racing fans protecting their fancy hats and clothing with clear plastic ponchos.

The Associated Press contributed to this report.

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