Diamond Sports achieves significant step toward emerging from bankruptcy.

• On Thursday, Diamond Sports, the owner of regional sports networks, took a step closer to emerging from bankruptcy as a bankruptcy judge approved its reorganization plan.
• In March 2023, the company filed for bankruptcy due to a significant debt burden and a decline in subscribers.
• Diamond has recently struck several new deals, including an agreement with Amazon's Prime Video to stream games.

On Thursday, a bankruptcy judge approved Diamond Sports' reorganization plan, bringing the company closer to exiting bankruptcy.

The owner of regional sports networks has reached a significant milestone by emerging from bankruptcy protection in March 2023. In the past year, the company has undergone significant changes to its deals with professional sports teams and leagues, as well as its business model, in an effort to prove its viability in the future.

A Diamond Sports attorney stated in court on Thursday that this day is significant for the company as they entered bankruptcy. Although the attorney had confidence that they would reorganize the business, they couldn't be certain.

"We embarked on a winding path to reach our destination, with the possibility of relaxation, but our main objective today is to restructure this enterprise," he stated.

In the weeks before the hearing, Diamond secured several agreements, including a streaming deal with Prime Video for games and a naming rights deal with FanDuel.

Despite opposition from Major League Baseball and the Atlanta Braves, Diamond resolved its issues prior to Thursday's court hearing. The company presented its reorganization plan to the court, with the U.S. Trustee objecting. However, the judge overruled the objection and approved the plan.

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