Preparing to complete what had seemed just last fall to be a highly unlikely successful bankruptcy restructuring, Diamond Sports Group on Wednesday announced a multiyear carriage renewal deal with what is now the largest pay TV operator in the U.S., Charter Communications.
Diamond, a Sinclair Broadcast Group subsidiary that manages the soon-to-be-rebranded-again Bally Sports regional sports networks, will see its content carried in Charter’s $74.99-a-month (before fees) Spectrum TV Select Plus tier, and not the base $64.99 Select Signature plan.
After signing short-term renewals with Comcast and DirecTV last fall, Diamond was able to sustain its pay TV carriage arrangements as it renegotiated tricky deals with individual NBA, NHL and Major League Baseball teams.
Also Read: Everything You Need To Know About the Bally Sports Bankruptcy
U.S. Bankruptcy Judge Christopher Lopez, who has overseen the Houston bankruptcy court process that started 15 months ago, could sign off on Diamond's restructuring plan as soon as April 17.
As part of the restructuring arrangement, Diamond will extricate itself from a branding deal with gaming company Bally’s Corp.
“Extending our distribution relationship with Charter is a key milestone and an important part of our go-forward plan, as we remain focused on restructuring the company and moving forward as a sustainable, profitable business,” Diamond CEO David Preschlack said in a statement. "We expect this agreement to generate value for Diamond, Charter and our team and league partners, and enable us to continue providing high-quality broadcasts for passionate local fans. We believe this agreement can serve as a model in the ongoing time-sensitive negotiations with our other distribution partners to reach carriage agreements that work for all parties.”
