Diamond Sports Group reveals new name in major rebranding announcement

The name is the part Main Street Sports Group wants you to remember.

The money was the key detail in Thursday's press release announcing the rebranded entity formerly known as Diamond Sports Group.

Main Street, the operator of the regional FanDuel Sports Networks, announced Thursday that it has completed its financial restructuring and emerged from Chapter 11 bankruptcy with a new name. That name will be largely relegated to court and government paperwork.

A more interesting nugget: Main Street Sports announced it has reduced approximately $9 billion of pre-petition debt to $200 million and has a well-capitalized balance sheet.

On a related note, Main Street's debtors — PGIM Fixed Income, Hein Park Capital Management LP, Discovery Capital Management, Hudson Bay Capital Management LP, Alta Fundamental Advisers LLC and others — have received equity for their funded debt claims.

It's an important step in the saga of arguably the biggest media bankruptcy case in the cord-cutting era. The new company will hold the broadcast rights in 16 RSN markets.

FanDuel Sports Networks are home to 13 NBA teams, 8 NHL teams and 8 MLB teams, including:

NBA: Atlanta Hawks, Charlotte Hornets, Cleveland Cavaliers, Detroit Pistons, Indiana Pacers, Los Angeles Clippers, Memphis Grizzlies, Miami Heat, Milwaukee Bucks, Minnesota Timberwolves, Oklahoma City Thunder, Orlando Magic and San Antonio Spurs.
NHL: Carolina Hurricanes, Columbus Blue Jackets, Detroit Red Wings, Los Angeles Kings, Minnesota Wild, Nashville Predators, St. Louis Blues and Tampa Bay Lightning.
MLB: Atlanta Braves, Los Angeles Angels, Miami Marlins, St. Louis Cardinals, Detroit Tigers, Tampa Bay Rays, Kansas City Royals and Milwaukee Brewers.

Diamond Sports Group filed for Chapter 11 bankruptcy in March 2023. Its reorganization plan was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas on Nov. 14.

“Emerging from this process is the culmination of over 20 months of incredibly hard work to transform our business and position us to better serve passionate local fans across our markets," David Preschlack, CEO of Main Street Sports, said in a statement. "I am deeply grateful to everyone who made this restructuring possible – our new owners, partners, advisors, and especially our dedicated employees. With a stronger balance sheet, key partnerships, supportive new owners, we are modernizing our business to thrive in a changing media landscape.”

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