Latest Bally Sports, Amazon Bankruptcy Deal Doesn't Clear Up Texas Rangers TV Rights
The Texas Rangers' television rights remain in doubt despite the news that Amazon will help Diamond Sports Group escape bankruptcy.
Not only does the Amazon agreement with DSG need approval from the bankruptcy judge, but the agreement doesn't include the rights for three clubs, including the Texas Rangers on Bally Sports Southwest.
According to the Associated Press, attorneys for DSG assured the judge that it will "broadcast nine teams under its portfolio for the entirety of the 2024 MLB season and will pay what it owes those teams under its current contract."
The DSG attorney added that talks remain with the Rangers, Guardians, and Twins. DSG is hoping to broadcast those team's games at reduced costs.
A hearing to resolve the situation between DSG and MLB, which was delayed for more than a week to this Friday, has been postponed indefinitely.
DSG says it will provide details of the new agreement ahead of a March deadline.
"There's a lot to take in, a lot to digest," Judge Chris Lopez said as part of his closing remarks, according to the AP.
DSG owns 18 Bally Sports networks across the country. Those networks include the rights to 37 professional teams: 15 NBA, 11 MLB, and 11 NHL.
DSG, which owns Bally, filed for Chapter 11 bankruptcy in March. It claimed in a 2021 financial filing that it had debts of more than $8.6 billion.
Amazon will partner with Diamond Sports as part of a restructuring agreement as the largest owner of regional sports networks looks to emerge from bankruptcy.
The agreement, if approved, allows DSG to escape bankruptcy, continue operations, and prevent a total collapse of the regional sports network system.
Under the terms of the restructuring agreement, Amazon will make a minority investment in DSG and enter into a commercial arrangement to provide access to DSG's content via Prime Video, according to the AP.
Prime Video customers will be able to access their local team's games under the agreement while the content remains available on cable and satellite providers such as Direct TV. Pricing and availability will be announced at a later date.
DSG called the agreement a "watershed" moment for the bankruptcy proceedings, but attorneys for MLB, NBA, and the unsecured creditor committee all urged caution on a premature celebration.
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