Diamond Sports, the owner of the Bally Sports regional sports networks, announced today that Amazon has agreed to invest in the company’s RSN business, allowing it to continue operations, perhaps beyond 2024.

The deal has to be approved by a Texas bankruptcy court because Diamond Sports declared bankruptcy in March 2023 and is still in the process of reorganizing as a profitable company. But Diamond Sports says the Amazon partnership has the approval of the majority of its creditors.

The RSN company says Amazon will offer the Bally Sports channels online at its Prime Video site. (The channels will also be available on pay TV services such as cable and satellite.) Diamond Sports has the streaming rights of roughly two dozen NHL and NBA teams but only five MLB teams. It’s unclear if MLB will authorize more teams to provide their streaming rights now that Amazon is involved.

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As part of the Diamond Sports restructuring plan, Sinclair has agreed to pay $495 million to Diamond Sports to settle a lawsuit over whether the broadcaster saddled with the RSN company with undue debt when the company was formed last spring. In addition, Diamond Sports says its creditors will provide financing to help operate the business.

“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.”

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