Diamond Sports Group, despite its ongoing bankruptcy proceedings, has secured agreements to continue broadcasting games for 22 NBA and NHL teams through the 2024-2025 season.
According to The Athletic, the deals include maintaining partnerships with 13 NBA teams, such as the Atlanta Hawks and Miami Heat, and 9 NHL teams, including the Detroit Red Wings and Tampa Bay Lightning.
Diamond Sports Group Secures Broadcast Deals
This decision follows a postponement of a crucial court hearing in the company's bankruptcy case. Diamond's contracts with the Dallas Mavericks and New Orleans Pelicans will be terminated as part of its strategy to reduce costs and streamline operations.
The company has also negotiated significant reductions in rights fees with its NBA partners, ranging from 30% to 40%, and smaller cuts with NHL teams at around 20%.
The agreements are pending approval from U.S. Bankruptcy Judge Christopher Lopez. Diamond has requested relief by September 3rd, with a new court date likely to be set for the confirmation hearing.
Diamond's CEO Hails Partnership
The company's restructuring efforts also include a renewed carriage deal with Comcast, which is expected to support its reorganization plan.
According to Sportico, Diamond's CEO, David Preschlack, expressed confidence in the company's future, highlighting the importance of these partnerships in navigating the bankruptcy process. "Having completed negotiations with key partners that provide certainty around our content and distribution, Diamond is well positioned for the future. With the support of our creditors, we are focused on finalizing our reorganization plan to support our emergence and presenting that plan to the court in due course."
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