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.
Flutter Entertainment, the operator of FanDuel, reported third-quarter revenue of $3.25 billion, a 27% increase that surpassed analysts' expectations of $3.03 billion. Adjusted EBITDA rose 75% to $450 million, exceeding estimates of $359.1 million, though the company cautioned about a challenging start to the fourth quarter.
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.
A public health commission has warned that the surge in online gambling poses significant risks to public health, with an estimated 72 million people globally experiencing gambling-related harms. The report calls for stronger regulations, including restrictions on access and advertising, to protect vulnerable individuals. It highlights the need for a shift in responsibility from gamblers to gambling businesses to minimize harm and improve public health outcomes.
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