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Deal with Amazon could help Diamond Sports, Bally survive
The deal will impact Minnesota viewers as Diamond owns Bally Sports North, which carries broadcasts of the Twins, Timberwolves and Wild.
IRVINE, Calif. — Editor’s note: The video above first aired on March 15, 2023.
Online giant Amazon will partner with Diamond Sports as part of a restructuring agreement as the largest owner of regional sports networks looks to emerge from bankruptcy.
Diamond owns 18 networks under the Bally Sports banner — including Bally Sports North — which broadcasts the Twins, Timberwolves and Wild. Those networks have the rights to 37 professional teams — 11 in baseball, 15 NBA and 11 NHL.
Diamond Sports has been in Chapter 11 bankruptcy proceedings in the Southern District of Texas since it filed for protection last March. The company said in a late 2021 financial filing that it had debt of $8.67 billion.
The terms of the agreement were announced by Diamond Sports on Wednesday morning. Amazon had no comment. The deal remains subject to approval by the bankruptcy court.
The agreement with Diamond Sports’ largest creditors would allow it to emerge from bankruptcy, continue operations and prevent a total collapse of the regional sports network system. Otherwise, the NBA, NHL and MLB would have to step in and take over production and distribution of games for many of their teams.
Last season, MLB had to assume production and distribution duties for televised games played by the San Diego Padres and Arizona Diamondbacks after Diamond let rights payments to the Padres lapse, and was unable to agree to an amended deal with the Diamondbacks.
Under the terms of the restructuring agreement, Amazon will make a minority investment in Diamond and enter into a commercial arrangement to provide access to Diamond’s content via Prime Video.
Customers will be able to access their local team’s content on Prime Video channels where Diamond has rights. Pricing and availability of the service will be announced at a later date. Regional sports content will also remain available on cable and satellite providers.
Amazon Prime already carries some New York Yankees and Brooklyn Nets games produced by the YES Network.
Diamond also has an agreement in principle with Sinclair Broadcast Group to settle pending litigation between the companies.
Sinclair bought the regional sports networks from The Walt Disney Co. for nearly $10 billion in 2019. Disney was required by the Department of Justice to sell the networks for its acquisition of 21st Century Fox’s film and television assets to be approved.
Even before Sinclair purchased the regional sports networks, the business was in a downturn due to cord-cutting and declines in advertising revenue after entering into exorbitant long-term deals with some teams.
Under an agreement with creditors last year, Diamond Sports Group became a separate company from Sinclair.
As part of the settlement, Sinclair will pay Diamond $495 million and provide ongoing services to support Diamond’s reorganization. The proceeds from the settlement will also pay off some creditors.
“We are thrilled to have reached a comprehensive restructuring agreement that provides a detailed framework for a reorganization plan and substantial new financing that will enable Diamond to operate and thrive beyond 2024,” Diamond Sports CEO David Preschlack said in a statement. “We are grateful for the support from Amazon and a group of our largest creditors who clearly believe in the value-creating potential of this business. Diamond’s near-term focus will be on implementing the RSA and emerging from bankruptcy as a going concern for the benefit of our investors, our employees, our team, league and distribution partners, and the millions of fans who will continue to enjoy our broadcasts.”
Diamond recently reached agreements with the NHL and NBA to keep local rights through the end of this winter season. The company remains in discussions with Major League Baseball on reworked agreements for the upcoming 2024 season, with the next court hearing scheduled for Friday.
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“The Stories From My Grandmother’s Hands” is a book that aims to show young Black children how their grandmas lived through beautiful illustrations and descriptions.
KARE 11 News at Noon shared more on Thursday about the impact that this book will have.
Gary Peterson and his friends are collecting donations to help people in their community.
ST. LOUIS PARK, Minn. — A St. Louis Park pumpkin display is raising money for their local food shelf.
Gary Peterson started carving and painting three pumpkins over a decade ago. It’s now grown to over 100.
“I’ve heard people say they’ve come from Hutchinson,” he said.
Peterson along with two of his neighbors have spent the last 14 years growing their display, turning it into a neighborhood event.
“It’s been incredible, I just can’t believe how much this has expanded,” he said. “We did it just because we like to and then people were asking to give us money to cover the cost.”
The trio refused to take people’s money, but then one of them had an idea.
“My neighbor, Steve Leensvaart, just mentioned how about we just do it for the STEP program and the STEP program is our local food shelf in St. Louis Park,” he said.
So, they started to collect donations to help families in need. They’ve raised hundreds of dollars and donated hundreds of pounds of food over the last few years, carving for a cause.
“It is more gratifying every year,” Peterson said.
He estimated they have over 100 unique pumpkins in their yard. They’ve created the displays and come up with new family-friendly concepts for people to enjoy. Peterson said about 30 of their neighbors carved their own pumpkins to be put on display, and it’s been a big hit.
“It’s great. In the last couple of years, it’s turned into more of a neighborhood event,” said Sarah Durch.
“We love this Halloween display, we come every year to see it. We love that the whole community gets involved to craft and carve the pumpkins,” said Jami Gordon-Smith.
“The shading and the details are unbelievable,” said Elizabeth Hanson.
Hanson hopes to take her 2-year-old son trick or treating for the first time but is worried the cold temperatures might keep them indoors.
“We’re going trick or treating hopefully,” she said. “He’s going to be a firefighter, but we’re probably going to have sweatshirts maybe like two pairs of sweatpants underneath. We’re going to be bundled up.”
Gordon-Smith said her family will be out Halloween night no matter the weather.
“Halloween only comes once a year, so you really have to take advantage and enjoy the evening no matter what the weather brings,” she said. “Guess it’s not totally unheard of in Minnesota to have a cold Halloween, but we are going to try and modify and do a lot of layers underneath our costumes and then we might add some hats and maybe some warmer socks.”
Durch also isn’t surprised they’re in for another chilly night.
“Well, what would Halloween be without Minnesota cold? I feel like every time you plan a costume you have to plan for how you can make this work if it’s snowing,” she said.
Peterson said they will have a bonfire and some hot chocolate and cider on Halloween to keep trick-or-treaters warm while they look at their pumpkins.
Click here to learn where you can see the pumpkins and how you can donate.
Jeremy Jourdain was 17 when he was last seen on Halloween 2016.
BEMIDJI, Minn. — The search for Jeremy Jourdain, who was last seen on Halloween in 2016, continues now eight years later.
Jourdain was last seen at a family member’s house in Bemidji, according to the U.S. Department of the Interior Indian Affairs. He left the residence near the 500 block of Wood Avenue after midnight and while people followed him, no one was able to find him.
Jourdain was 17 at the time.
Officials said he was wearing a blue and grey sweatshirt, and blue jeans when last seen. He is Native American and is described as 6 foot 5 and 175 pounds.
If you have any information on his whereabouts, you can contact the Bemidji Police Department at (218) 333-9111. Tips can also be sent to 1-833-560-2065, or you can email ojs_mmu@bia.gov.
