Last week, some exciting news shook up the world of sports and business as Bally Sports’ parent company, Diamond Sports Group, struck a deal to emerge from bankruptcy and settle ongoing legal disputes. What’s particularly intriguing is that Diamond Sports Group secured an agreement allowing them to keep using the cherished Bally Sports name for their regional sports networks (RSNs) until the conclusion of the 2024 MLB season. However, the naming rights will expire after that, potentially prompting a rebranding if they haven’t rebranded earlier.
Surprisingly, Diamond Sports Group won’t have to fork over any cash to maintain their hold on the Bally Sports moniker. But hold on, there’s more to this story. The entire arrangement is contingent on approval from the overseeing judge, overseeing this and a massive deal involving Amazon. You read that right: Amazon might invest in Bally Sports and become its official streaming service for direct-to-consumer products.
As an extra twist, Sinclair, the previous owner of Bally Sports, is on the hook to pay Diamond Sports Group a hefty sum, amounting to over $400 million, while retaining management control over the network. While all of this is thrilling, what remains a mystery is the long-term future of Bally Sports beyond the 2024 MLB season. With NBA TV rights up in the air and MLB considering a deal that could see TV rights return to MLB teams after 2024, there’s a lot of uncertainty in the balance……..[read more]
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