From CNBC: 2024-07-29 18:36:50

Bally Sports regional channels, airing MLB, NBA, and NHL games, will return to Comcast cable TV customers on Aug. 1. This comes after the networks went dark for Comcast customers on May 1. The deal with Comcast is crucial for Diamond Sports, the owner of Bally Sports, which filed for bankruptcy last March.

Diamond Sports has also secured deals with Charter Communications, DirecTV, and Fubo. The company has been focused on finalizing agreements with the NBA and NHL, with concerns raised by the leagues over Diamond Sports’ future. A court hearing to approve Diamond’s reorganization plan was postponed as they sought an agreement with Comcast.

Negotiations with Comcast broke down in May over tiered model terms. The new deal allows Comcast to offer Diamond Sports networks in such tiers, catering to changing customer preferences and the decline in cable subscribers. Comcast lost 419,000 domestic cable customers in the second quarter, reflecting broader industry trends.

Regional sports networks, once lucrative, have been impacted by customers switching to streaming services. The future of Diamond Sports and its survival depend on its restructuring efforts and agreements with pay TV providers. Comcast’s deal with Diamond is a critical step in securing the company’s future.



Read more at CNBC: Diamond Sports, Comcast reach a cable deal for Bally regional sports