Diamond Sports is on track to exit bankruptcy after a judge approved its reorganization plan, a significant milestone for the regional sports network owner, which has been under bankruptcy protection since March 2023. The company has made substantial changes to its agreements with professional sports teams and leagues, including a streaming deal with Amazon's Prime Video and a naming rights agreement with FanDuel. Despite facing opposition from Major League Baseball and the Atlanta Braves, Diamond resolved these issues before the court hearing, leading to the approval of its plan with only one objection from the U.S. Trustee.
Liberty Media Corp. CEO Greg Maffei will step down at the end of the year after nearly 20 years of significant dealmaking. Under his leadership, the company acquired and invested in notable businesses such as the Atlanta Braves, DirecTV, SiriusXM, Live Nation Entertainment, and Formula 1. Maffei, 64, was seen as a potential successor to John Malone, the 83-year-old chairman and a pioneer in the cable-TV industry.
Major League Baseball and the Atlanta Braves have expressed serious concerns regarding Diamond Sports Group's reorganization plan, fearing it may lead to future financial distress. They seek more clarity on the restructuring details and Diamond's proposed partnership with Amazon, as well as its direct-to-consumer strategy. Despite these objections, the Braves remain committed to their contract with Diamond, while other teams are exploring alternatives for their local media rights.
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