Local broadcast stations will now air Florida Panthers games.

• The NHL Stanley Cup champions, the Florida Panthers, have struck a deal with E.W. Scripps to leave their cable TV regional sports network for a broadcast network home.
• Bally Sports Florida, owned by Diamond Sports Group, has been under bankruptcy protection for the past year and was originally the network that aired the Panthers' regular season games.
• A growing number of professional sports teams, including the Panthers, are turning to broadcast TV for their regular season games.

The Florida Panthers are skating to a new TV home.

The Stanley Cup champions have agreed to broadcast their regular season games on local networks in Florida, ending their long-standing partnership with the cable TV regional sports network.

The Panthers, who have made it to the Stanley Cup finals for two consecutive years, have signed a multi-year agreement with the broadcast station owner to televise all locally produced preseason and regular season games, as well as the first round of the playoffs.

Scripps Sports is collaborating with the Panthers to create a streaming service, which will be unveiled before the start of the 2024 season.

The terms of the upcoming deal were not disclosed.

Local broadcast station owners are increasingly becoming the preferred choice for professional sports teams as the regional sports network business declines due to consumers switching from pay TV bundles to streaming services.

Since March 2023, Diamond Sports Group, which previously owned the TV home of the Panthers, has been under bankruptcy protection.

"A Diamond spokesperson stated that after thorough examination and discussions, Diamond reached a mutual agreement with the Florida Panthers to terminate their existing telecast rights contract. The spokesperson emphasized the importance of the relationships built with the Panthers and their fans and wished them continued success. Additionally, the spokesperson noted that productive discussions are ongoing with the NHL regarding future arrangements with their remaining team partners under contract and that the focus is on restructuring as a profitable and sustainable entity."

After filing for bankruptcy, Diamond Sports has ended contracts with professional sports teams, leading to these teams finding new broadcast TV network homes.

The regional sports network business model has been profitable for leagues and teams as networks pay large fees for the rights to games that aren't nationally broadcast.

Broadcast station owners guarantee a significant increase in reach and audience for games, which are now accessible to all pay TV subscribers and for free to those with an antenna.

The Panthers' deal with Bally Sports Florida in 2022 was reportedly worth twice as much as their previous 10-year contract, which was valued at $6 million per year. However, it's unclear if these new deals will be as lucrative as those with regional sports networks.

In 2023, the Las Vegas Golden Knights signed a similar deal with Scripps.

Local broadcast stations are also airing the NBA's Phoenix Suns and Utah Jazz, and many owners are considering becoming the homes of professional sports as the traditional RSN business is facing significant pressure.

Diamond Sports is still working to exit bankruptcy protection, and there may be more opportunities for the company.

Diamond Sports' future in the leagues was a concern last month, as the organization struggled to create a viable business plan before the upcoming seasons. Now, Diamond is set to return to bankruptcy court to seek approval for its reorganization plan.