 | |
| Formerly | Diamond Sports Group |
|---|---|
| Company type | Joint venture |
| Industry | Sports |
| Founded | May 3, 2019; 6 years ago (2019-05-03) |
Area served | United States |
Key people |
|
| Brands | FanDuel Sports Network |
| Owners | |
Main Street Sports Group LLC (formerly known asDiamond Sports Group LLC) is an Americanmedia and entertainment company. The company operatesFanDuel Sports Network, a group of regional sports channels that was formerly known asFox Sports Networks andBally Sports. The company also has a stake inYES Network.
Sinclair Broadcast Group formed the company withByron Allen'sAllen Media Group to acquire 22 regionalFox Sports Networks affiliates andFox College Sports fromThe Walt Disney Company, which was required to divest of these networks to secure government antitrust approval.[1] The transaction, initially valued at $10.6 billion, is managed through a joint venture called Diamond Holdings Group,[2] and formally closed the transfer in August 2019 for $9.6 billion.[3]
The company'sregional sports networks have exclusive broadcasting rights to 42 professional teams (including 16National Basketball Association teams, 14Major League Baseball teams, and 12National Hockey League teams),[4] and the channels collectively generated $3.8 billion in 2018, across nearly 75 million subscribers.[2]
Sinclair took a $4.23 billion write-down of its regional sports assets in 2020 after a downturn in the business.[5]
On November 18, 2020, Sinclair announced that it had entered into an agreement with casino operatorBally's Corporation to acquire the naming rights under a 10-year deal.[6]
On January 27, 2021, Sinclair announced that the networks would be rebranded asBally Sports on March 31.[7][8][9] In December 2021, the company reached an extension agreement with the National Hockey League.[10]
On May 2, 2022, Diamond Sports Group assembled a board of five directors, made up of Bob Whitsitt, Sinclair CEO Chris Ripley,Randy Freer, a formerFox Sports/Hulu executive,Mary Ann Turcke, a former COO of theNFL, and David Preschlack (previously President of theNBC Sports Regional Networks); Preschlack would be elected CEO of Diamond on December 5.[11]
On June 23, 2022, Bally Sports soft-launched a direct-to-consumer service known asBally Sports Plus (or Bally Sports+) in selected markets. It is expected to launch nationally in the remainder of the networks' footprint on September 26.[12]
On December 4, 2022, Diamond Sports Group's board had voted to block the Sinclair Broadcast Group from operating Diamond and its regional sports networks.[13]
An email from Diamond CEO David Preschlack announced on March 20, 2023 that Steve Rosenberg would no longer be the president of Diamond Sports Group; Rosenberg's last day as president of Diamond was March 19. With his departure, Diamond's chief financial officer David DeVoe will take on the role of COO.[14]
On May 1, 2024,cable companiesXfinity andMidco dropped the Bally Sports networks as part of acarriage dispute.[15][16]Optimum did the same on July 1, 2024.[17] On July 29, 2024, Comcast reached a new carriage agreement with Xfinity. The agreement moved Bally Sports to the Xfinity "Ultimate TV" tier instead of the basic service.[18]
On October 18, 2024, Diamond announced a new naming agreement withFanDuel, which will saw Bally Sports rebranded as the FanDuel Sports Network on October 21.[19][20] The naming rights will be paid for via an annual rights fee, and advertising commitments. FanDuel will also have the option to acquire a 5% equity stake in Diamond once it exits Chapter 11 bankruptcy.[21][22]
On January 2, 2025, following Diamond Sports Group's successful exit from Chapter 11 bankruptcy, the company rebranded itself to the Main Street Sports Group.[23]
On March 14, 2023, Diamond Sports filed forChapter 11 bankruptcy,[24] 30 days after they failed to make a $140M interest payment.[25] Diamond's first-lien lenders will not be affected as part of the restructuring support agreement, but other creditors will convert their debt into equity. Diamond also separated from its parent Sinclair and became an entirely new entity.[26] Diamond Sports Group successfully emerged from bankruptcy on January 2, 2025.[27][23]
During its bankruptcy, Diamond ended its broadcasting agreements or lost the rights to theArizona Diamondbacks,Cincinnati Reds,Cleveland Guardians,Minnesota Twins,San Diego Padres, andTexas Rangers ofMajor League Baseball (MLB), theAnaheim Ducks,Arizona Coyotes,Dallas Stars andFlorida Panthers of theNational Hockey League (NHL), theDallas Mavericks,Phoenix Suns andNew Orleans Pelicans of theNational Basketball Association (NBA), theACC on Regional Sports Networks package fromRaycom Sports, theOrange Bowl Classic men'scollege basketball tournament from theOrange Bowl and theMVC Network from theMissouri Valley Conference.[28][29][30][31] Diamond has also missed payments to theTexas Rangers,Cleveland Guardians,Cincinnati Reds andMinnesota Twins of MLB and theOrlando Magic of the NBA.[32][33][34][35][36][37][38][39]
On April 28, 2023, thePhoenix Suns of the NBA andPhoenix Mercury of theWomen's National Basketball Association (WNBA) announced they had signed a five-year agreement withGray Television to replaceBally Sports Arizona as its local television partners.[40] After the announcement, Diamond Sports Group accused the team of breaching its contract and bankruptcy law, stating that the team was making an "improper effort" to "change their broadcasting partner without permitting Diamond to exercise our contractual rights." In response, Suns CEO Josh Bartlestein stated that "Diamond's position is totally inaccurate. We are moving forward with this deal and could not be more excited about what it means for our fans and our future."[41][42][43] On May 10, 2023, the bankruptcy judge voided the Suns contract with Gray, ruling that the Suns violatedBally Sports Arizona's contractual right of first refusal. He ordered the parties into arbitration. The Phoenix Mercury's deal was not affected.[44] On July 14, 2023, the deal became official when Diamond declined to match Gray's contract offer.[45]
On May 31, 2023, Diamond officially missed a second payment to the Padres, and the Padres' television rights were returned to Major League Baseball. BecauseBally Sports San Diego, which aired Padres games, is ajoint venture between the Padres and Diamond it is technically not in bankruptcy. Therefore this missed payment did not have the same bankruptcy protections that Diamond's other missed payments had.[46][47] Padres games will be available blackout free onMLB.tv, as well as through channels on select cable providers, includingYurView California, in theSan Diego area.MLB Network will produce the games with the Padres' regular commentators.[48][47]
On June 14, 2023, Diamond rejected its contract withRaycom Sports to distribute a package ofAtlantic Coast Conference games, freeing Raycom to sell the package to other networks.[49] A month later, Raycom announced thatThe CW had bought the rights.[50]
On June 22, 2023, Diamond announced its intention to reject its contract with the Arizona Diamondbacks on June 30, 2023.[51] Diamond and the Arizona Diamondbacks later released a joint statement pushing back the hearing and agreeing to continue Diamond's broadcast of Diamondbacks' games.[52] The contract was officially rejected on July 18. As for the Padres, Major League Baseball took over production.[53]
On July 21, 2023, Diamond sued the Sinclair Broadcast Group, their parent, over transactions made when Sinclair had control over the company. Diamond alleged that Sinclair made transactions that were designed to benefit itself while hurting its subsidiary.[54] On August 11, 2023, the bankruptcy judged granted an 80 day extension to Diamond Sports to file their reorganization plan. The plan is due on September 30.[55]
On September 28, 2023, theNew York Post and Next TV reported that Diamond Sports had reached one-yearcarriage agreements withDirecTV andComcast prior to their restructuring deadline.[56][57] On September 29, Diamond Sports requested a 60-day extension to file their reorganization plan.[58] On October 11, 2023, Major League Baseball filed a notice opposing Diamond Sports' request for an extension. The MLB also asked the bankruptcy court to force Diamond to decide on whether the company would air games from theAtlanta Braves,Cleveland Guardians,Detroit Tigers,Milwaukee Brewers andTexas Rangers in2024.[59]
On October 1, 2023, Diamond Sports missed a payment to the Orlando Magic of the National Basketball Association. But, on November 6, 2023, Diamond Sports and the National Basketball Association reached a one-year agreement that will result in the contracts for NBA teams airing on Diamond expiring after the2023–24 NBA season but will result in the Orlando Magic being paid. Across the board, all NBA teams airing on Diamond Sports will receive a 16% reduction in the money they receive from Diamond Sports but will be able to sell 10 games exclusively to localover-the-air networks.[60][34] The sold games will continue to be produced by Bally Sports.[61][62]
On October 4, 2023, Diamond announced that it intended to reject its contract with the Arizona Coyotes.[30] The next day,Scripps Sports announced it had acquired the rights and that games would air onKASW.[63] As a result, with no remaining professional sports rights,Bally Sports Arizona was shut down on October 21, 2023.[64][65] On October 10, 2023, Diamond announced that it intended to reject its contract with theOrange Bowl for itsOrange Bowl Classic men'scollege basketball tournament.[29]
On December 20, 2023, Diamond Sports and the National Hockey League reached a similar agreement to the NBA's November 6 deal that will also result in the contracts for all NHL teams airing on Diamond expiring after the2023–24 NHL season, pending approval by the bankruptcy court.[66]
On January 17, 2024, Diamond Sports announced a restructuring agreement after tentatively securing a $115 million investment fromAmazon, which would result in a 15% share of the company, and reaching an agreement with the Sinclair Broadcast Group for a $495 million cash payment to settle an earlier lawsuit.[67] On January 26, 2024, committee of unsecured creditors objected to the restructuring agreement, arguing that financing in the restructuring agreement did not have the committee's best interests in mind.[68] The restructuring agreement supersedes the prior agreements with the NHL and NBA, so rights for the NBA and NHL will no longer expire following the 2023–24 season.[69]
On February 2, 2024, Diamond Sports announced agreements with the Texas Rangers, Cleveland Guardians and Minnesota Twins of Major League Baseball that will result in a decreased rights fee and will end their contracts with Diamond after the 2024 season.[70][71]
Diamond Sports Group officially filed its reorganization plan on March 1, 2024. As part of the plan, Diamond will end its naming rights deal withBally's Corporation and rebrand its networks by the end of the2024 MLB season.[72]
On July 2, 2024,Bally Sports Florida and theFlorida Panthers of the National Hockey League mutually agreed to terminate their broadcasting contract early. That same day, the Panthers announced a new agreement withScripps Sports.[73] The next day on July 3, Diamond asked the court to terminate its contract with theDallas Stars. The Stars did not object to the request,[74] and announced an agreement to launch a newfree ad-supported streaming television (FAST) platform known asVictory+ to carry its games.[75]
On August 23, 2024, Diamond Sports announced long-term agreements with nine of its NHL teams and thirteen of its NBA teams, committing to carry at least the teams' 2024–25 seasons, and further seasons pending the resolution of its bankruptcy; if Diamond Sports is unable to get a bankruptcy plan approved by the court, the NBA and NHL agreements will expire following the end of each league's 2024–25 season. The agreement will result in NHL teams having a 20 percent reduction in their rights fees and NBA teams having a 30 to 40 present reduction in their rights fees. In addition, Bally rejected its contracts with theDallas Mavericks andNew Orleans Pelicans.[76][77] Three days later, it was reported that Amazon had withdrawn its plans to invest in the restructured company due to structural changes and a focus on its ownnational sports portfolio, but that Diamond still had enough investors to submit a "viable" restructuring plan.[78]
While theAnaheim Ducks were initially announced by Bally as having renewed its rights under the new agreements,[76] on August 27 the team instead announced that it would carry its games onKCOP-TV and Victory+ under a two-year deal.[79]
On October 2, 2024, Diamond stated that it plans to renegotiate its contracts with the Cincinnati Reds, Detroit Tigers, Kansas City Royals, Los Angeles Angels, Miami Marlins, St. Louis Cardinals, and Tampa Bay Rays. If the teams are unable to agree to a new contract with Diamond, their contract will be rejected. The Atlanta Braves are the only team not affected by the announcement.[80] On October 8, 2024, after their contracts expired with Diamond,MLB Local Media acquired the rights to the Milwaukee Brewers, Cleveland Guardians, and Minnesota Twins.[81][82]
Diamond Sports announced new agreements with Marlins, on October 18, and the Cardinals, on November 7.[83] For the first time, the Cardinals will be availabledirect-to-consumer locally through theFanDuel Sports Network app.[84] On November 8, the Reds and Diamond announced a settlement which will officially end their contract.[39]
On November 8, 2024, Major League Baseball and the Atlanta Braves officially objected to Diamond Sports' reorganization plan, saying they had "grave concerns" about the companies' future viability.[85] However, on November 13, 2024, Major League Baseball and the Braves dropped their objection, after Diamond Sports reached amended agreements with the Braves, Los Angeles Angels, Tampa Bay Rays, and Detroit Tigers. Diamond Sports will acquire localdirect-to-consumer streaming rights for all the teams it renegotiated with.[86] The Kansas City Royals later renegotiated with Diamond Sports Group in December.[87] The equity stake that Sinclair Broadcast Group, Diamond Sports Group's then corporate parent, was wiped out, and a group of lenders includingHudson Bay Capital Management andPGIM became the new owners of Diamond Sports Group.[88] On January 13, 2025, the Cincinnati Reds reached a new agreement with Main Streets Sports Group.[89][90]
On January 14, 2025, theTexas Rangers reached a multi-year deal withVictory+ to stream their games for the2025 MLB season, for an annual subscription fee of $100 a season.[91][92] Later on January 27, they announced the formation of theRangers Sports Network along with broadcast deals with local affiliates.[93]
| Team | Date of action | Status |
|---|---|---|
| ACC on Regional Sports Networks | March 2023, June 2023 | Missed payment in March 2023. Contract terminated in June 2023, TV rights returned toRaycom Sports[49] (Sublicense acquired byThe CW) |
| Anaheim Ducks | August 2024 | Contract expired after 2023–24 season, TV rights acquired byVictory+ andKCOP-TV[79] |
| Arizona Coyotes | October 2023 | Contract terminated prior to 2024–25 season, TV rights acquired byScripps Sports (Franchise now considered inactive).[63] Became the final point forBally Sports Arizona to shutdown operations in 2023. |
| Arizona Diamondbacks | March 2023, July 2023 | Missed payment prior to 2023 MLB season, later paid. Contract terminated mid-way through 2023 MLB season, TV rights returned to MLB[52] |
| Atlanta Hawks | January 2024 | 10 games acquired byGray Television, remaining games on Bally Sports[94] |
| Cincinnati Reds | April 2023, November 2024, January 2025 | Missed payment in April 2023, later paid in full. Contract terminated following 2024 MLB season. Rights were initially acquired by MLB,[95][96][39][97] but were later returned to Main Street Sports Group.[89][90] |
| Cleveland Cavaliers | February 2024 | 5 games acquired byGray Television, remaining games on FanDuel Sports Network[98] |
| Cleveland Guardians | April 2023, February 2024, October 2024 | Missed payment in April 2023, later paid in full. Contract renegotiated in February 2024, will expire after 2024 season. Rights returned to MLB for 2025 season.[99][71][31] |
| Dallas Mavericks | January 2024, August 2024 | For the 2023–24 season, 10 games acquired byTegna Inc., remaining games on Bally Sports.[100] Contract terminated prior to the 2024–25 season, TV rights acquired by Tegna Inc. to air games statewide[101] |
| Dallas Stars | July 2024 | Contract terminated prior to the 2024–25 season, TV rights acquired byVictory+[74][102] |
| Detroit Tigers | October 2024 | Contract renegotiated following 2024 MLB season[96][86] |
| Florida Panthers | July 2024 | Contract terminated prior to the 2024–25 season, TV rights acquired byScripps Sports[73] |
| Kansas City Royals | December 2024 | Contract renegotiated following 2024 MLB season. |
| Los Angeles Angels | October 2024 | Contract renegotiated following 2024 MLB season[96][86] |
| Los Angeles Kings | September 2023 | Contract expired after 2022–23 season, re-signed with Bally Sports with 6 games acquired byCBS News and Stations. Multi-year agreement.[103] |
| Miami Marlins | October 2024 | Contract renegotiated following 2024 MLB season[96][86] |
| Milwaukee Brewers | October 2024 | Contract expired following 2024 MLB season. Renegotiated[31] |
| Milwaukee Bucks | January 2024 | 10 games acquired byWeigel Broadcasting, remaining games on FanDuel Sports Network[104] |
| Minnesota Twins | April 2023, February 2024, October 2024 | Missed payment in April 2023, later paid in full. Contract renegotiated in February 2024, will expire after 2024 season. Contract returned to MLB for 2025 season.[105][71][31] |
| Missouri Valley Conference Network | September 2024 | Contract expired following 2023–24 season, TV rights acquired byGray Television[28] |
| New Orleans Pelicans | January 2024, August 2024 | For the 2023–24 season, 10 games acquired byGray Television, remaining games on Bally Sports. For the 2024–25 season, contract terminated and TV rights acquired by Gray Television, later leading to the shutdown ofBally Sports New Orleans in 2024 following Bally Sports' rebranding to theFanDuel Sports Network.[106][107][108] |
| Oklahoma City Thunder | January 2024 | 8 games acquired byGriffin Media, remaining games on Bally Sports[109] |
| Orlando Magic | October 2023 | Missed payment in October 2023, later paid in full[34] |
| Phoenix Suns | July 2023 | Contract expired following 2022–23 season, TV rights acquired byGray Television[45] |
| San Diego Padres | March 2023, May 2023 | Missed payment in March 2023, later paid. Contract terminated in May 2023, TV rights returned to MLB, withBally Sports San Diego being liquidated in April 2024 following a settlement in court with the Padres.[46] |
| St. Louis Cardinals | November 2024 | Contract renegotiated following 2024 MLB season. Will now be availabledirect-to-consumer via theFanDuel Sports Network app[110] |
| Tampa Bay Rays | October 2024 | Contract renegotiated following 2024 MLB season[96][86] |
| Texas Rangers | October 2024, January 2025 | Contract terminated following 2024 season,[96] TV rights acquired byRangers Sports Network andVictory+[91][111] |
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** Owned by third parties and operated by Sinclair through various operating agreements. *** Owned by Sinclair and operated byMarquee Broadcasting. JV Joint venture. | ||||||||||||||||||