Amazon Invests in Diamond Sports amid Bankruptcy Deal; Owns 18 Regional Networks

Amazon significantly expanded its sports coverage Wednesday by agreeing to invest in Diamond Sports.

According to the Associated Press (h/t ESPN), Diamond Sports announced that Amazon made a minority investment in the company, meaning Amazon will have the streaming rights to some MLB, NBA and NHL teams on Prime Video.

Diamond Sports owns 18 networks under the Bally Sports banner, giving it the television rights to 11 MLB, 15 NBA and 11 NHL franchises for a grand total of 37 major professional sports teams.

Diamond Sports CEO David Preschlack commented on the new partnership with Amazon, saying:

"We are thrilled to have reached a comprehensive restructuring agreement that provides a detailed framework for a reorganization plan and substantial new financing that will enable Diamond to operate and thrive beyond 2024.

"We are grateful for the support from Amazon and a group of our largest creditors who clearly believe in the value-creating potential of this business. Diamond's near-term focus will be on implementing the RSA and emerging from bankruptcy as a going concern for the benefit of our investors, our employees, our team, league and distribution partners, and the millions of fans who will continue to enjoy our broadcasts."

Diamond Sports filed for Chapter 11 bankruptcy in March 2023, but the new deal with Amazon should allow Diamond to exit bankruptcy, per the AP.

Amazon Prime Video has been making a sizable impact in the sports space recently, particularly with the exclusive rights to stream the NFL's Thursday Night Football games.

Additionally, Amazon has a deal with YES Network to occasionally stream New York Yankees and Brooklyn Nets games, plus Amazon recently reached an agreement with NASCAR to stream five races per season beginning in 2025.

The partnership with Diamond Sports will expand Amazon's live sports catalog in a major way, giving it the ability to consistently air MLB, NBA and NHL games to go alongside the deal it already has with the NFL for TNF.

Specifics of the agreement with Diamond Sports aren't yet known, as the Associated Press noted that pricing and availability of MLB, NBA and NHL games on Amazon Prime Video will be announced in the future.

Those who want to continue watching their teams on traditional television are in luck, as Diamond Sports regional coverage will still be available on cable and satellite in the wake of the Amazon agreement.