Breaking News: Diamond Sports Strikes Deal with FanDuel to Rebrand Regional Sports Networks
In a major development, Diamond Sports has announced a naming rights agreement with Flutter-owned FanDuel, which will rebrand the Bally Sports channels just as the National Hockey League season gets underway and the National Basketball Association’s 2024-2025 season is about to tip off.
A New Era for Regional Sports Networks
The deal marks a significant step forward for Diamond Sports as it navigates bankruptcy protection. If approved by the court, FanDuel will become a long-term naming rights partner, with the option to purchase up to 5% of equity in the reorganized company and receive performance warrants for up to 5% of equity.
A Strategic Partnership
Diamond Sports considered FanDuel an attractive partner due to the strong alignment between the regional sports networks and the online gaming business. The agreement is subject to court approval, but the specific financial terms remain undisclosed.
A History of Name Changes
This will be the third name change for the regional sports networks. Initially part of Fox Corp.’s assets, Disney acquired them and later divested them to Sinclair in 2019. A naming rights deal with Bally’s Corp. was later signed, but ended as part of a settlement between Diamond Sports and Sinclair earlier this year.
The Road to Recovery
Diamond Sports filed for bankruptcy protection last year and has been engaged in ongoing discussions with the NBA, NHL, and Major League Baseball to emerge from bankruptcy. The company hopes to complete its restructuring by December, based on financial projections.
The Impact on Teams and Viewers
As Diamond Sports navigates its restructuring, teams across all three leagues have been exiting the networks and seeking alternative local viewing options for their fans. The company plans to drop all MLB teams except for the Atlanta Braves for the 2025 season, while some NBA teams have turned to local broadcast stations to air local games. The NHL’s Dallas Stars and Anaheim Ducks have launched over-the-top streaming partnerships with Victory+ for their local viewing.
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