Amazon could be about to make a major splash into the sports broadcasting space as reports suggest the e-commerce giant is interested in investing in Diamond Sports.
Reuters has revealed that Amazon is in talks with the regional sports network provider to invest in the firm, which has endured high-profile financial woes in the last few years.
Diamond Sports operates the Bally’s Sports portfolio of RSN stations, broadcasting the games of over 40 major sports teams in the US. These include MLB, NBA and NHL franchises.
Sources suggest that, in a bid to revitalize the business, Diamond Sports is in talks over a strategic partnership, multi-year streaming agreement and investment with Amazon.
This would provide a much-needed boost to Diamond Sports, which filed for bankruptcy earlier in 2023 after it missed a $140 million payment on its debt, which stood at $8.67 billion according to its most recent financial statement.
Diamond owed nearly $1 billion in rights payments, mostly owed to MLB teams. Whilst negotiations are underway to reach a deal on these payments, MLB noted that it “expected” the situation to play out how it has and has put in place contingencies to ensure broadcasting can continue.
Though reports have suggested that a tentative agreement could be reached soon, there is no concrete confirmation of the payments to the MLB teams. However, Amazon investment could help to boost the RSN’s fortunes and turnaround its woeful financial outlook.
The reports also claim that, should a deal be agreed, the Amazon Prime Video platform would eventually become the streaming home for Diamond’s games.
