Comcast and Diamond Sports reach an agreement to restore Bally regional sports on cable for customers.

• Comcast's cable TV customers will have access to Diamond Sports' regional sports networks starting August 1 after a deal was reached.
• In early May, Comcast cable customers lost access to Diamond's Bally Sports networks.
• The reorganization plan and potential exit from bankruptcy protection can be presented by Diamond Sports due to the deal.

Bally Sports regional channels are returning to cable TV customers.

On August 1, Comcast's cable customers will have access to Diamond Sports' Bally Sports-branded regional sports networks, as the two companies have reached a deal.

Comcast cable customers lost access to regular season local games for MLB, NBA and NHL teams on May 1, impacting fans of 11 MLB teams, including the Detroit Tigers and Minnesota Twins.

The deal allows Diamond Sports to continue operating after filing for bankruptcy in March, as it works to secure contracts with pay TV providers such as Comcast.

Our third largest distributor, Comcast, has agreed to a new carriage deal with us, which is a crucial step in our restructuring process. We are thrilled that fans will once again be able to access their local team broadcasts through Xfinity, as announced by Diamond CEO David Preschlack in a news release.

Diamond has also reached carriage deals with , DirecTV and .

We are confident in our distribution and are focused on finalizing an agreement with the NHL and resolving our ongoing negotiations with the NBA. We are aware that time is of the essence with basketball and hockey seasons fast approaching, and once agreements with our team and league partners are complete, we plan to move quickly to present a plan of reorganization to the Court, as stated by Preschlack in the release.

In court hearings, the leagues have raised doubts about Diamond Sports' ability to create a successful business plan before the upcoming NBA and NHL seasons this fall.

Diamond postponed its court hearing for reorganization plan approval in the U.S. Bankruptcy Court for the Southern District of Texas as it sought to agree with Comcast.

The company intends to exit bankruptcy protection with creditor ownership.

In May, the negotiations between Diamond and Comcast fell apart due to a disagreement over the speed at which Comcast could transition its sports networks into a tiered pricing model, which would require customers to pay more for the channels they want rather than having them included in broader cable packages.

According to sources, Comcast has struck a deal on Monday that enables them to offer Diamond Sports networks on tiers beyond their standard cable package.

In recent years, pay TV companies like Comcast have been losing customers as they choose cheaper streaming options. Last week, Comcast announced that it lost 419,000 domestic cable customers in the second quarter, leaving them with approximately 13.2 million subscribers in total.

Regional sports networks have been negatively impacted by customers opting out of cable subscriptions.

Disclosure: Comcast is the parent company of NBCUniversal and CNBC.