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Amazon Makes Local Sports Deal, Giving Broadcaster New Life
- Amazon to invest in now-bankrupt Sinclair sports unit
- Company obtained agreement for $450 million of fresh financing
Diamond Sports Group reached a restructuring deal with most of its debt holders and Amazon.com Inc. that will save the bankrupt local sports broadcaster from liquidation.
The deal, subject to bankruptcy court approval, calls for Diamond to emerge from Chapter 11 proceedings with beefed-up finances and Amazon’s Prime Video platform as its main streaming partner, according to a statement on Wednesday.