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Diamond Sports Group

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Diamond Sports Group LLC
ServicesBally Sports networks
OwnerSinclair Broadcast Group, Entertainment Studios

Diamond Sports Group LLC is an American media and entertainment company operating as a subsidiary of Sinclair Broadcast Group, and partnered with Entertainment Studios. The company operates Bally Sports, a group of regional sports channels which was formerly known as the Fox Sports Networks.

History

Sinclair Broadcast Group formed the company with Byron Allen's Entertainment Studios to acquire 22 regional Fox Sports Networks affiliates and Fox College Sports from The 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's regional sports networks have exclusive broadcasting rights to 42 professional teams (including 16 National Basketball Association teams, 14 Major League Baseball teams, and 12 National 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 operator Bally'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 as Bally Sports on March 31.[7][8][9] In December 2021, the company reached an extension agreement with the National Hockey League.[10]

On June 23, 2022, Bally Sports soft-launched a direct-to-consumer service known as Bally Sports Plus (or Bally Sports+) in selected markets. It is expected to launch nationally in the remainder of the networks' footprint on September 26.[11]

References

  1. ^ Mirabella, Lorraine (May 7, 2019). "Sinclair stock soars over sports deal". The Baltimore Sun. Retrieved September 22, 2020.
  2. ^ a b Littleton, Cynthia (May 3, 2019). "Sinclair Clinches Disney-Regional Sports Networks Deal, Byron Allen Joins as Partner". Variety. Retrieved September 22, 2020.
  3. ^ Hayes, Dade (August 23, 2019). "Disney, Sinclair Broadcast Group, Byron Allen Close Regional Sports Network Deal". Deadline. Retrieved September 22, 2020.
  4. ^ "Sinclair Completes Acquisition of Regional Sports Networks From Disney". The Walt Disney Company. August 23, 2019. Retrieved September 23, 2020.
  5. ^ Bloom, David (4 November 2020). "Sinclair Writes Off $4.2 Billion On Regional Sports Channels Amid Strong Political Advertising". Forbes. Retrieved 7 September 2022.
  6. ^ Novy-Williams, Eben (2020-11-19). "Bally's Buys Sinclair RSN Naming Rights As Part of Sports Betting Push". Sportico.com. Retrieved 2020-11-19.
  7. ^ Balderston, Michael (2021-01-27). "Sinclair, Bally Reveal Bally Sports Rebrand for RSNs". TVTechnology. Archived from the original on 2021-01-27. Retrieved 2021-01-28.
  8. ^ "Farewell, Fox Sports West. Hello, Bally Sports". Los Angeles Times. 2020-11-19. Archived from the original on 2020-11-19. Retrieved 2021-01-28.
  9. ^ "Bally Sports, Coming March 31". YouTube (Fox Sports Midwest). March 18, 2021. Retrieved March 18, 2021.
  10. ^ "Sinclair's Diamond Sports Group Inks NHL Renewal Deal, MLB Lockout Looms". www.mediapost.com. Retrieved 2021-12-04.
  11. ^ Bucholtz, Andrew (2022-08-17). "Bally Sports+ has an official all-markets launch date". Awful Announcing. Retrieved 2022-08-17.
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