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Phoenix-area franchises are part of a growing wave of teams doing the same. The San Diego Padres, like the Diamondbacks, ended their deal with Diamond Sports, the largest provider of regional sports networks. Major League Baseball used its broadcast and streaming capabilities to keep teams on the air and guaranteed they would get 80% of the revenue they received in their Diamond Sports deals.
Diamond Sports, which must repay at least $400 million in annual debt, is in talks with its creditors, some of whom want to reshape the company’s business while others want to be taken over. Diamond Sports is also in talks with the NBA and other leagues to reduce rights fees.
A company spokesperson declined to comment on talks with creditors and leagues.
Last year, Monumental Sports Network, owned by Ted Leonsis, owner of the Washington Wizards (NBA), Capitals (NHL) and Mystics (WNBA), purchased NBC Sports Washington and unveiled a new streaming service. The NHL’s Vegas Golden Knights said in May they wanted to move to a free over-the-air channel. The NBA’s Utah Jazz and Los Angeles Clippers are selling their games and programming directly to viewers with streaming packages, with the Jazz also broadcasting their games on a free channel.
The Jazz are “probably the biggest media company in the state,” Ryan Smith, the team’s owner, said in an interview this year. “If you really think about the NBA, we’re not that different from a media or technology company.”
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