Amazon is set to become the new home of Bally Sports RSN streaming, following a recent deal with Diamond Sports, the parent company of Bally Sports RSNs. The deal, announced back in January, will see Amazon becoming a minority investor in Diamond Sports, thereby taking over as the primary platform for Bally Sports streaming for direct-to-consumer packages.
David Preschlack, CEO of Diamond Sports, expressed enthusiasm about the comprehensive restructuring agreement, stating that it will enable Diamond to operate and thrive beyond 2024. He also acknowledged the support from Amazon and the company’s largest creditors, emphasizing the value-creating potential of the business. The focus for Diamond Sports in the near term will be on implementing the restructuring support agreement (RSA) and emerging from bankruptcy as a going concern.
As part of the deal, Amazon will offer live access to MLB, NBA, and NHL games through its Prime Video channels, exclusively for customers residing within the markets where these teams play. While the commencement of Bally Sports games streaming on Amazon’s Prime Video Channels is pending final approval, the company has assured that Bally Sports+ will be available for purchase through Amazon’s platform, with no changes for current pay TV provider subscribers. Bally Sports+ currently provides direct streaming access to local NBA and NHL teams, as well as the Detroit Tigers, Kansas City Royals, Miami Marlins, Milwaukee Brewers, and Tampa Bay Rays.
In addition to the streaming rights, Diamond Sports has also secured a deal for the Bally Sports naming rights, allowing the use of its current name through the 2024 MLB season at no cost. However, the naming rights deal will conclude at the end of the 2024 MLB season, marking the end of the partnership to name the RSNs Bally Sports.
The deal has garnered significant support, with 85% of the Company’s first lien debt holders, over 50% of the Company’s second lien debt holders, and over 66% of unsecured bondholders backing the agreement. Nonetheless, the deal is subject to the judge’s approval.
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