Diamond Sports Group, the largest owner of regional sports networks, can emerge out of bankruptcy after having its reorganization plan approved

Diamond Sports Group will emerge out of bankruptcy with significantly less debt, but also fewer teams and networks.

Diamond Sports Group, the largest regional sports network operator in the United States, received approval to emerge from bankruptcy Thursday, the 20-month anniversary of it filing for Chapter 11.

Diamond Sports Group filed for bankruptcy in 2023. Here's what's happened since then. Video edited by Jenna Jones.

Diamond Sports Group's restructuring plan was approved Thursday by a Texas judge, clearing the way for the company to exit bankruptcy after a 20-month process. Why it matters: Diamond's ability to get out of bankruptcy gives the beleaguered regional sports network business a lifeline.

The plan allows Diamond to broadcast games for 27 teams across the NBA, NHL and MLB locally, and comes one day after it announced a streaming deal with Amazon.

By Phillip Swann The TV Answer Man –Follow me on X. Diamond Sports today emerged from bankruptcy when a Texas bankruptcy court judge approved its plan for reorganization. The order comes 20 months after the regional sports network company first declared bankruptcy.