Amazon has pulled back from a plan announced back in January to infuse $115 million in cash into bankrupt regional-sports-network operator Diamond Sports Group, Sports Business Journal reports.
Last week, Diamond announced deals with the NBA and NHL to keep 13 and nine teams, respectively, from each league on its Bally Sports channels through the 2024-25 season. And after passing a major pay TV carriage hurdle with Comcast late last month, it appears Diamond now has what it needs to finally emerge from Chapter 11 restructuring, regardless of Amazon's decision.
Also read: Everything You Need To Know About the Bally Sports Bankruptcy
Amazon declared its intention to invest in Diamond before it signed a $1.93 billion-per-season national TV contract with the NBA … and also prior to its signing a deal with Rogers Communications to sublicense Monday-night NHL games in Canada.
Amazon had seen Bally Sports as an entry into both leagues.
Meanwhile, Diamond's position with the NBA and NHL has also diminished.
Going forward, the RSN will no longer have the NBA’s Dallas Mavericks and New Orleans Pelicans in the fold, with both franchises refusing to take a haircut on their rights. Some NBA teams agreed to rights fee reductions of as much as 40% to keep Bally Sports and Diamond solvent.
Meanwhile, the NHL’s Florida Panthers and Dallas Stars have also recently fled their respective Bally Sports channels.
