Sinclair Broadcast Group formed the company with Byron Allen's Allen Media Group 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.
[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.
[10] On May 2, 2022, Diamond Sports Group assembled a board of five directors, made up of Bob Whitsitt, Sinclair CEO Chris Ripley, Randy Freer, a former Fox Sports/Hulu executive, Mary Ann Turcke, a former COO of the NFL, and David Preschlack (previously President of the NBC Sports Regional Networks); Preschlack would be elected CEO of Diamond on December 5.
[14] On May 1, 2024, cable companies Xfinity and Midco dropped the Bally Sports networks as part of a carriage dispute.
The agreement moved Bally Sports to the Xfinity "Ultimate TV" tier instead of the basic service.
[23] On March 14, 2023, Diamond Sports filed for Chapter 11 bankruptcy,[24] 30 days after they failed to make a $140M interest payment.
[25] Diamond's first-lien lenders will not be affected as part of the restructuring support agreement, but other creditors will convert their debt into equity.
[27][23] During its bankruptcy, Diamond has ended its broadcasting agreements or lost the rights to the Arizona Diamondbacks, Cincinnati Reds, Cleveland Guardians, Milwaukee Brewers, Minnesota Twins, San Diego Padres, and Texas Rangers of Major League Baseball (MLB), the Anaheim Ducks, Arizona Coyotes, Dallas Stars and Florida Panthers of the National Hockey League (NHL), the Dallas Mavericks, Phoenix Suns and New Orleans Pelicans of the National Basketball Association (NBA), the ACC on Regional Sports Networks package from Raycom Sports, the Orange Bowl Classic men's college basketball tournament from the Orange Bowl and the MVC Network from the Missouri Valley Conference.
[28][29][30][31] Diamond has also missed payments to the Texas Rangers, Cleveland Guardians, Cincinnati Reds and Minnesota Twins of MLB and the Orlando Magic of the NBA.
[46][47] Padres games will be available blackout free on MLB.tv, as well as through channels on select cable providers, including YurView California, in the San Diego area.
[54] On August 11, 2023, the bankruptcy judged granted an 80 day extension to Diamond Sports to file their reorganization plan.
[55] On September 28, 2023, the New York Post and Next TV reported that Diamond Sports had reached one-year carriage agreements with DirecTV and Comcast prior to their restructuring deadline.
[58] On October 11, 2023, Major League Baseball filed a notice opposing Diamond Sports' request for an extension.
The MLB also asked the bankruptcy court to force Diamond to decide on whether the company would air games from the Atlanta Braves, Cleveland Guardians, Detroit Tigers, Milwaukee Brewers and Texas Rangers in 2024.
[29] On December 20, 2023, Diamond Sports and the National Hockey League reached a similar agreement to the NBA's November 6 deal that will also result in the contracts for all NHL teams airing on Diamond expiring after the 2023–24 NHL season, pending approval by the bankruptcy court.
[66] On January 17, 2024, Diamond Sports announced a restructuring agreement after tentatively securing a $115 million investment from Amazon, which would result in a 15% share of the company, and reaching an agreement with the Sinclair Broadcast Group for a $495 million cash payment to settle an earlier lawsuit.
The Stars did not object to the request,[74] and announced an agreement to launch a new free ad-supported streaming television (FAST) platform known as Victory+ to carry its games.
[80] On October 8, 2024, after their contracts expired with Diamond, MLB Local Media acquired the rights to the Milwaukee Brewers, Cleveland Guardians, and Minnesota Twins.
[39] On November 8, 2024, Major League Baseball and the Atlanta Braves officially objected to Diamond Sports' reorganization plan, saying they had "grave concerns" about the companies' future viability.