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.
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.
Los Angeles Dodgers star Shohei Ohtani joined David Ortiz as the only players to win four straight Outstanding Designated Hitter awards. Ohtani and the New York Yankees‘ Aaron Judge won Hank Aaron Awards as the outstanding offensive performers in their leagues.
Major League Baseball made the announcements at its All-MLB Awards Show.
Sale, 35, was 18-3 with a 2.38 ERA and 225 strikeouts in 177⅔ innings for the NL’s first pitching triple crown since the Dodgers’ Clayton Kershaw in 2011. He earned his eighth All-Star selection and first since 2018.
Sale helped Boston to the 2018 World Series title but made just 56 starts from 2020-23, going 17-18 with a 4.86 ERA, 400 strikeouts and 79 walks over 298⅓ innings. He was acquired by Boston from the White Sox in December 2016 and made nine trips to the injured list with the Red Sox, mostly with shoulder and elbow ailments. He had Tommy John surgery on March 30, 2020, and returned to a big league mound on Aug. 14, 2021.
Sale fractured a rib while pitching in batting practice in February 2022 during the management lockout. On July 17, in his second start back, he broke his left pinkie finger when he was hit by a line drive off the bat of the Yankees’ Aaron Hicks. Sale broke his right wrist while riding a bicycle en route to lunch on Aug. 6, ending his season.
Crochet, 25, was 6-12 with a 3.58 ERA over 32 starts for a White Sox team that set a post-1900 record of 121 losses, becoming a first-time All-Star. He struck out 209 and walked 33 in 146 innings.
He had Tommy John surgery on April 5, 2022, and returned to the major leagues on May 18, 2023. Crochet had a 3.55 ERA in 13 relief appearances in 2023, and then joined the rotation this year.
Sale and Crochet were chosen in voting by MLB.com beat writers.
Clase and Helsley were unanimous picks by a panel that included Hall of Famers Trevor Hoffman, Mariano Rivera, Dennis Eckersley and Rollie Fingers, along with John Franco and Billy Wagner. The AL award is named after Rivera and the NL honor after Hoffman.
A three-time All-Star, Clase was 4-2 with a 0.61 ERA, 66 strikeouts and 10 walks in 74⅓ innings, holding batters to a .154 average. The 26-year-old converted 47 of 50 save chances, including his last 47.
Voting was based on the regular season. Clase was 0-2 with a 9.00 ERA in the playoffs, allowing three home runs, one more than his regular-season total.
Helsley, a two-time All-Star, was 7-4 with a 2.04 ERA and 49 saves in 53 chances. He struck out 79 and walked 23 in 66⅓ innings.
Ohtani became the first player with 50 or more homers and 50 or more stolen bases in a season. A two-way star limited to hitting following elbow surgery, Ohtani batted .310 and led the NL with 54 homers and 130 RBIs while stealing 59 bases.
Ortiz won the DH award five years in a row from 2003-07.
The DH award, named after Edgar Martinez, is picked in voting by team beat writers, broadcasters and public relations departments. MLB.com writers determined the finalists for the Aaron awards, and a fan vote was combined with picks from a panel of Hall of Famers and former winners to determine the selections.
Judge led the major leagues with 58 homers and 144 RBIs while hitting .322.
College football reporter; joined ESPN in 2008. Graduate of Northwestern University.
Boston College quarterback Thomas Castellanos, who lost his starting job earlier this week, will not be returning to the team, he announced Thursday night.
Castellanos, who started 12 games last season and retained the top job under new coach Bill O’Brien, wrote on X that “unfortunately, all good things come to an end, even though it’s sooner than I would like.” He did not mention the transfer portal in his departing message and has not officially entered it. The junior from Waycross, Georgia, started his career at UCF and appeared in five games in 2022.
O’Brien said Tuesday that Grayson James, who replaced Castellanos in last week’s win against Syracuse, will start Saturday when Boston College visits No. 14 SMU. Castellanos “wasn’t real thrilled” with the decision, O’Brien said, adding that the quarterback decided to step away from the team for several days.
Castellanos had 2,248 passing yards and 1,113 rushing yards last season under coach Jeff Hafley, passing for 15 touchdowns and adding 13 on the ground. He had 18 touchdown passes and only five interceptions this season, but his accuracy dipped in recent weeks, and he completed only 2 of 7 passes against Syracuse before being replaced.
In his statement, Castellanos thanked both coaching staffs he played for at Boston College and wrote that he had “some of the best experiences of my life in the Eagles Nest and I will truly cherish these memories forever.”
GAINESVILLE, Fla. — Florida quarterback DJ Lagway is “ready to play,” coach Billy Napier said Thursday on his weekly radio show.
Napier removed Lagway from the team’s injury report and penciled him in to start against No. 21 LSU in the Swamp on Saturday.
Lagway practiced every day this week while progressing from a strained left hamstring. The highly touted freshman was carted off the field against Georgia on Nov. 2. Tests revealed a “less significant” injury than initially feared, and now he’s back in time to face the Tigers.
The Gators (4-5, 2-4 Southeastern Conference) need him. They have to win two of their final three regular-season games to become bowl eligible.
LSU (6-3, 3-2) has struggled mightily against dual-threat QBs, including Alabama’s Jalen Milroe, who ran for 185 yards and four touchdowns last week.
Lagway returns after walk-on and Yale transfer Aidan Warner started in his place against Texas. Warner threw two interceptions and was 12-of-25 passing for 132 yards in a 49-17 loss.