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Amazon is discussing an investment in Diamond Sports Group, a bankrupt company. If the deal comes to fruition, Amazon's Prime Video service would serve as the official streaming platform for Diamond's games.
The Wall Street Journal reported that the two entities are actively negotiating for a strategic investment and a multiyear streaming partnership.
Amazon's Aggressive Stance on Sports Streaming
Amazon, along with other tech giants, has pursued numerous streaming deals in recent years, particularly in the realm of sports. The company recently broadcasted its first NFL game on Black Friday, charging a substantial $880,000 for a 30-second advertising spot, a rate more than double that of traditional Thursday Night Football games.
According to Yahoo, Amazon committed a $1 billion annual expenditure for its 11-year NFL Thursday Night Football deal. Notably, Google's YouTube also joined the fray, paying an estimated $2.5 billion to secure the coveted rights to NFL Sunday Ticket.
Diamond Sports Group, a subsidiary of Sinclair Broadcast Group and a regional sports network (RSN) operator, filed for Chapter 11 bankruptcy protection in March. The company is currently involved in court proceedings as a decision is made about its future, whether it will emerge under Chapter 11 or undergo liquidation.
The Broadcasting Rights and Financial Difficulties
Earlier in 2019, Diamond acquired the broadcasting rights for 42 teams across Major League Baseball (MLB), the National Basketball Association (NBA), and the National Hockey League (NHL). The deal, worth $9.6 billion, was made with Fox. However, the RSN faced challenges as it incurred over $8 billion in debt to secure the rights, coupled with the overall decline in cable subscribers. These difficulties ultimately led to the company's filing for bankruptcy.
Traditional media outlets have been grappling with significant losses in streaming and linear advertising revenue. Cord-cutting has accelerated, with viewership of linear TV dropping below 50% for the first time in July.
Amazon's Future in Sports Streaming
As Amazon explores potential investment in Diamond Sports Group, its entry into the world of sports streaming is becoming increasingly prominent. This move aligns with the company's strategy to bolster its presence in the ever-evolving media landscape.
If Amazon's investment in Diamond Sports Group comes to fruition, it would provide an essential lifeline to the bankrupt RSN operator. Furthermore, by becoming the official streaming home for Diamond's games, Amazon would solidify its position as a major player in the sports streaming arena.
