Core Insights - Diamond Sports is undergoing significant changes, including a naming rights deal with FanDuel to rebrand its Bally Sports channels as the NHL season begins and the NBA season approaches [1][3] - The agreement with FanDuel could facilitate Diamond Sports' emergence from bankruptcy, allowing FanDuel to acquire up to 5% equity in the reorganized company [2][3] - The partnership is seen as beneficial for both parties, aligning the regional sports networks with the online gaming business [5] Company Developments - Diamond Sports filed court papers indicating that discussions with FanDuel began in February, but final terms were negotiated after securing agreements with the NBA and NHL [4] - The company has faced challenges during its bankruptcy proceedings, with teams from various leagues exiting its networks for alternative local viewing options [8][9] - Diamond Sports aims to emerge from bankruptcy as early as December, despite losing multiple MLB teams and facing ongoing restructuring discussions [8][9] Historical Context - This marks the third name change for the regional sports networks, which were previously under the Fox Sports banner before being sold to Sinclair and then rebranded with Bally's Corp. [6] - Diamond Sports has alleged that Sinclair's ownership has worsened its financial issues, although Sinclair has not admitted to any wrongdoing [7]
Diamond Sports, FanDuel reach naming rights agreement for regional sports networks