In a surprising turn of events, online retail giant Amazon has reportedly backed out of its planned $115 million investment in Bally Sports, according to a recent report by Sports Business Journal. The deal, struck last January, would have given Amazon exclusive streaming rights to 15 NBA teams currently broadcast on Bally Sports regional networks.
The partnership was seen as a win-win: a lifeline for Bally Sports’ parent company, Diamond Sports Group, which is currently navigating bankruptcy proceedings, and an opportunity for Amazon to expand its sports streaming offerings.
However, Amazon has now decided to walk away from the deal, leaving the future of Bally Sports’ streaming ambition without the support of Amazon. The impacted NBA teams have reportedly been informed of the development, while Bally Sports maintains that it will still be able to meet its financial obligations.
The news comes as a blow to fans who were hoping to watch their local NBA teams through Amazon Prime Video. For now, it seems they’ll have to stick with the traditional Bally Sports app or explore alternative streaming options.
The reasons behind Amazon’s abrupt change of heart remain unclear. Some speculate that the company may have reevaluated the financial viability of the deal in light of Diamond Sports Group’s ongoing bankruptcy proceedings. Others suggest that Amazon may have simply decided to focus its resources on other sports streaming ventures.
Whatever the reasons, the collapse of the Amazon-Bally Sports deal marks a significant setback for Diamond Sports Group. Bally Sports will now need to find another investors, while Amazon will have to look elsewhere to expand its sports streaming portfolio.