In a Chapter 11 bankruptcy hearing this week, Diamond reportedly announced it had found a new naming rights partner, said to be FanDuel, for its regional sports networks.
FanDuel may be on a lot more televisions relatively soon. The sports gambling giant is reportedly nearing a deal to replace Bally as Diamond Sports' naming brand for its regional sports networks.Diamond declared bankruptcy last year with its parent, Sinclair, losing money since its $9.6 billion purchase from Disney in 2019. Diamond's networks broadcast 38 teams in MLB, the NBA and NHL.
According to Sportico, Diamond reportedly said in Tuesday's Chapter 11 hearing it had found a new partner. Bloomberg first reported FanDuel is the partner. Diamond faced high fixed costs under its broadcast contracts that have become uneconomical for the company as viewers cancel cable subscriptions amid a shift to streaming.
FanDuel started out as a daily fantasy sports service but expanded to online gambling in recent years. FanDuel TV has since begun, and the online casino also owns a cable channel for horse racing. The terms are still reportedly being finalized, but the multiyear deal is expected to involve FanDuel-related programming. Bloomberg says FanDuel would sell Diamond's streaming service to fans and take an equity stake in the company.
The NFL still has its games broadcast nationally by FOX, CBS, NBC and ESPN, while streaming service Amazon Prime Video joined in 2022 and Netflix will broadcast games this year. The report comes after Shohei Ohtani was cleared of wrongdoing in his ex-interpreter's gambling scandal and as MLB issued a lifetime ban on Tucupita Marcano for gambling on baseball. The league also issued four year-long bans to other players.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Teen Mom: The Next Chapter Season 2 Trailer - Teen Mom: The Next Chapter (Video Clip)Get ready for a mom-umental return when Teen Mom: The Next Chapter Season 2 premieres.
Read more »
'Horizon: An American Saga' Chapter 3 Will Start Filming Before We Get Chapter 1Kevin Costner in Horizon: An American Saga
Read more »
'The Strangers: Chapter 2' Will Follow Shortly After 'Chapter 1' Hits TheatersThe three masked Strangers
Read more »
FanDuel rakes in record revenue from DC sports bettors in its first monthWashington, D.C., announced earlier this week that FanDuel Sportsbook generated $1.9 million in revenue from bets from April 15 until May 14.
Read more »
FanDuel rakes in record revenue from DC sports bettors in its first monthWashington, D.C., announced earlier this week that FanDuel Sportsbook generated $1.9 million in revenue from bets from April 15 until May 14.
Read more »
FanDuel Generates Substantial Increases in 1st Month as D.C. Sports Betting’s Main OptionFanDuel's first 30 days in the District 'have not only met, but exceeded expectations,' D.C. Lottery executive director says.
Read more »