As the NBA season approaches, fans of the Dallas Mavericks and New Orleans Pelicans are eagerly awaiting news on how they will be able to watch their local games. Both teams are parting ways with their regional sports networks owned by Diamond Sports, according to a recent bankruptcy court filing.
While neither franchise has officially announced where their local games will be televised, there are some indications. The Pelicans have reportedly reached an agreement in principle with Gray Television to broadcast their games this season. Last season, the Pelicans aired 10 games on Gray’s local stations, highlighting a potential partnership between the two parties. On the other hand, the Mavericks, who were in the NBA Finals last season, had a 13-game agreement with Tegna’s Dallas-Fort Worth stations. However, representatives for the Mavericks and Tegna have yet to comment on who will broadcast their local games this season.
The decision by the Mavericks and Pelicans to move away from their Diamond-owned regional sports networks follows a trend in the industry. Over the last 18 months, Diamond Sports has been working to navigate its way out of bankruptcy, leading several NBA, WNBA, and NHL teams to opt for local broadcasters instead of regional sports networks. Additionally, some MLB teams have also made the switch to having their games produced by the league itself.
In the midst of its bankruptcy proceedings, Diamond Sports has entered into broadcast and streaming rights agreements with the NBA and NHL for the upcoming season, pending court approval. CEO David Preschlack expressed gratitude for the partnerships with the leagues, stating that these agreements mark a significant step towards the company’s exit from bankruptcy protection.
Diamond Sports has faced challenges in recent years due to the decline of cable, despite launching a sports-only streaming service in 2022. The company’s massive debt load eventually led to its filing for bankruptcy protection. As the NBA and NHL seasons draw closer, Diamond is under pressure to develop a viable business plan and demonstrate its ability to meet the necessary rights payments.
Furthermore, Diamond recently reached a deal to return its networks to Comcast’s cable TV customers, after the Bally Sports networks went dark on Comcast earlier this year. This move marks a significant milestone for Diamond as it works towards stabilizing its operations and securing its future in the industry.
Stay tuned to Extreme Investor Network for more updates on the evolving dynamics of the sports broadcasting landscape and the impact on your favorite teams. Our team of experts is dedicated to providing you with unique insights and analysis to help you navigate the ever-changing world of business news. Subscribe to our newsletter to stay informed on the latest developments and trends shaping the industry.