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Amazon Investment Helps Rescue Bally Sports Networks Operator Diamond From Bankruptcy
Amazon is investing in Diamond Sports Group, which operates the Bally-branded regional sports networks, as part of a plan for the Sinclair subsidiary to emerge from Chapter 11 bankruptcy protection…
Along with Amazon’s investment in a minority stake in Diamond, the parties have also agreed that Prime Video will become the primary route for customers to buy Bally Sports streaming access to track their local teams. In addition to the Amazon investment, a group of creditors agreed to provide $450 million in financing, which Diamond will use to pay down debt and fund its operations as it executes the restructuring. While consumers have long complained about the “hidden fees” applied by some pay-TV operators for carrying the RSNs, the sticker shock of paying $20 or more a month remains a potential impediment to their ability to attain scale in streaming.
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