(TheConservativeTimes.org) – Diamond Sports has filed for bankruptcy, but things might change as it’s recently come out that Amazon will stream five huge Major League Baseball teams after closing a $100 million deal with Diamond Sports.
Diamond is the largest regional sports network that has broadcasting rights to 11 different MLB teams and a third of NHL teams. Diamond Sports is expected to get another hefty deal from its parent company Sinclaire, including a $495 million settlement. These two deals are expected to get Diamond Sports out of bankruptcy as the deals are presented before a bankruptcy judge.
In March of last year, Diamond Sports filed for bankruptcy after getting many expensive broadcasting rights agreements and cord-cutting by sports viewers. The agreement with Amazon would give Amazon a piece of the company and also the rights to stream games from teams like the Detroit Tigers, the Tampa Bay Rays, the Miami Marlins, the Milwaukee Brewers, and the Kansas City Royals.
Amazon currently streams some NFL games and a few MLB games, but it does not stream full games and is not affiliated with any specific teams. Amazon is looking to dive into the sports industry, and partnering with Diamond Sports is a start to achieving this.
The baseball team fans who hope to watch games on Amazon will have to get an Amazon Prime membership to access it for $14.99 per month. With this being said, the remaining teams will still be broadcast on Diamond Sports.
There’s also believed to be another negotiation for the 2024-2025 streaming of hockey and basketball games by Amazon as well.
Diamond Sports owes about $650 million to their senior lenders and these recent revenue agreements will help to pay that off. Insiders have conspired that Diamond Sports might end up being sold to Amazon in the future.
Diamond Sports’ case with Sinclair includes a suit for $1.5 billion after being accused of taking too much out in fees. Sinclair expects to lose about $350 million in the settlement.
Amazon could possibly take over Diamond Sports if they don’t get their finances and debts in order. They are expected to get out of bankruptcy in about three months, but the decisions that follow are unknown.
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