The Diamond Sports regional networks that broadcast a handful of MLB, NHL, and NBA across the United States are going to be getting a major rebrand here soon.
The bankrupt sports network Diamond is seeking permission to rebrand its RSNs from Bally, whose deal with the network is reportedly coming to an end, to FanDuel, the largest sportsbook in the United States.
Bankrupt sports broadcaster Diamond Sports Group is seeking court permission to re-brand its network of Bally Sports local channels to FanDuel under a naming rights deal with the betting giant.
Diamond said in a Tuesday court filing that it needs to rebrand now, at the start of the National Hockey League and National Basketball Association seasons, because its current agreement with Bally Sports is set to expire at the end of the Major League Baseball season.
Dallas Morning News
Terms between Diamond and FanDuel have not been disclosed, however, Diamond said it will receive “a significant rights fee payment and certain media and advertising spending commitments” under the agreement. Additionally, FanDuel will have the opportunity to purchase as much as 5% of Diamond’s equity once the flailing network emerges out of Chapter 11 bankruptcy.
Diamond viewed FanDuel as a compelling business partner due to the “potential for future integrations of the Debtors’ and FanDuel’s respective products and offerings,” as stated by Eric Ratchman, Diamond’s president of distribution and business development, in a sworn declaration. Additionally, revenue from sports betting in the United States is projected to approach $15 billion this year, according to research by Vixio Regulatory Intelligence.
The success or failure of this decision is expected to have significant implications for Diamond’s future broadcasting of games for the MLB, NHL, and NBA. Earlier this month, Diamond stated in court that it planned to discontinue all MLB broadcasts next season, except for the Atlanta Braves. However, it turns out that only the Detroit Tigers and Tampa Bay Rays will be dropped by Diamond moving forward, while the other MLB teams under contract with Diamond will likely need to renegotiate a new deal with the broadcaster.
In 2023, numerous Major League Baseball teams, such as the San Diego Padres and Arizona Diamondbacks, departed from Diamond because of its instability. Consequently, MLB assumed control of local broadcasts for certain teams. By 2025, the league is set to take over local broadcasting for the Milwaukee Brewers, Cleveland Guardians, and Minnesota Twins.
Some NBA teams have left Diamond in recent years due to instability, while the Dallas Stars and Anaheim Ducks have entered into streaming partnerships with Victory+, a streaming service owned by Canada-based A Parent Media Co.
