Diamond Sports reached a deal with Amazon’s Prime Video that will allow its 16 regional sports networks to be made available on the streaming platform.

As part of the deal, Diamond’s networks will be made available as an add-on subscription to Prime customers living within each team’s designated geographic area. Further details, such as pricing, will be announced at a later date. Financial terms of the multiyear agreement were not disclosed.

The agreement is not exclusive, meaning Diamond can still pursue streaming rights deals with other partners, according to a person familiar with the matter. The company’s previously launched FanDuel Sports Network streaming options will still be available.

This marks the latest development for Diamond Sports as it looks to exit bankruptcy protection with a revamped business model.

In October, Diamond inked a naming rights deal with Flutter-owned FanDuel, rebranding its networks from Bally Sports to FanDuel Sports Network. The name change took place immediately during the National Hockey League season and ahead of the start of the 2024-25 National Basketball Association season.

Earlier this week, Diamond also announced it would offer games on an a la carte basis at $6.99 per game beginning Dec. 5, which will not require a subscription. Both Prime Video and the FanDuel Sports Network app will offer the single games, according to the person familiar with the offering.

On Thursday, Diamond will seek court approval for its reorganization plan, which has drawn criticism from Major League Baseball and the Atlanta Braves, who question the company’s future viability under the plan.

Both the league and the Braves had requested further clarity on what the partnership with Amazon, which at the time was not solidified, would entail.

Diamond sought bankruptcy protection last year, toppled by a heavy debt load and the effect of cord-cutting on its networks as consumers opt out of cable TV bundles for streaming services.

Diamond has also inked deals with the NBA and NHL for TV and streaming rights for their teams. It has been negotiating with MLB teams on an individual basis.

Various regional sports networks, including the New York Yankees’ YES Network, have launched streaming options in recent years. Amazon’s Prime Video already airs a selection of Yankees games each season since it is a stakeholder in the YES Network.

Pricing has been on the higher end of the scale, as the networks have been careful when it comes to pricing their streaming options so as not to further disrupt the cable TV model and breach contracts with distributors. These contracts have long helped support the billions of dollars in fees that the networks pay professional sports teams to air games.

Major League Baseball and the Atlanta Braves have raised issues with the reorganization plan and future viability of Diamond Sports Group, the country’s largest owner of regional sports networks, according to a Friday bankruptcy court filing.

The Braves and MLB said in the objection that they have “grave concerns” with the current plan, as “there is a substantial likelihood that [Diamond Sports] will find themselves once again in financial distress and/or bankruptcy court in the near future.”

The filing noted that both MLB and the Braves have a vested interest in Diamond Sports succeeding with a reorganization plan, but they are not convinced that the one currently proposed is viable.

A representative for Diamond didn’t immediately comment on the filing. The company has until Wednesday to respond to the objection. Meanwhile, Diamond will seek approval of its reorganization plan from a U.S. bankruptcy judge on Thursday.

MLB and the Braves’ concern stems from a lack of information about the restructuring proposal, which consists of 20 documents for a total of 181 pages, according to the filing. Diamond attorneys have said in court there are limitations to what they can provide in part because of the confidentiality agreements with the company’s distribution partners, such as pay TV operators.

In addition, both the league and Braves have also requested more clarity on what Diamond’s proposed commercial partnership with Amazon will look like. Diamond attorneys have previously said in court that discussions with Amazon are still ongoing.

MLB and the Braves are also concerned about confusion over Diamond Sports’ direct-to-consumer plan, a strategy that has only become more important as more customers exit from traditional cable bundles.

This is not the first time MLB has wanted more information on Diamond’s financial plans. In October, an MLB attorney said in a court hearing that the league wanted additional information on the language used in a recent naming rights agreement deal Diamond struck with FanDuel for the regional sports networks, formerly known as Bally Sports, that Diamond owns.

The Braves are part of publicly traded company Atlanta Braves Holdings after being split off from John Malone’s Liberty Media in 2023. Malone is still a shareholder in the new company in addition to being chairman of Liberty Media.

Diamond Sports had previously said it will retain its contract with the Braves as part of its bankruptcy plan, while attempting to renegotiate its contracts with 11 other MLB teams it has deals with, or drop them.

The Friday objection does not mean that the Braves have turned away from Diamond for their regional media rights.

As of Thursday, the St. Louis Cardinals and Diamond agreed to terms for their local rights, and in an October court hearing, attorneys said that Diamond was nearing an agreement for the Miami Marlins.

On Friday, the Cincinnati Reds said they would exit their regional sport network owned by Diamond, according to a court filing.

Three of the 11 teams that Diamond was attempting to rework contracts with have since turned to MLB to produce their local games.

The Philadelphia Phillies recently raised close to $500 million in capital from three new investors in a transaction that values the Major League Baseball team and its 25% stake in regional sports network NBC Sports Philadelphia at about $3 billion, according to two people familiar with the deal.

As part of the transaction, two existing owners, managing partner John Middleton and Stanley Middleman, also invested more money in the Phillies, bringing the total capital infusion to close to $600 million, according to the people.

On Nov. 1, Middleton announced new investors, including Mitchell Morgan and Guntram Weissenberger Jr., would be joining the Phillies. The size of the investment and the third investor were not disclosed.

Given that limited-partner stakes typically go for about 20% less than control stakes because LPs have no say in how the team is run, the $3 billion valuation equates to roughly a $3.7 billion control valuation.

That is an impressive number considering the Baltimore Orioles were sold for $1.73 billion earlier this year and the most ever paid for a baseball team was the $2.42 billion that Steve Cohen paid for the New York Mets in 2020.

A little more than a year ago, Middleman purchased a 16.25% stake in the Phillies at a grossed up valuation of $2.8 billion.

Based on revenue multiples, a $3.7 billion control valuation for the Phillies would be eight times 2023 revenue, compared with multiples of 5.3 for the Orioles and 6.7 for the Mets, according to historic revenue calculations.

The Phillies have one of the best local television deals in baseball. In 2014, the team inked a deal with NBC Sports Philadelphia that guaranteed the team an average of $100 million a year in rights fees over 25 years, plus a 25% stake in the regional sports network.

However, cord-cutting has resulted in tougher economics for regional sports networks, the most egregious example being Diamond Sports Group, which filed for Chapter 11 bankruptcy protection in March 2023. As pay-TV revenues fall, some baseball teams could see a reduction in their television revenue.

The Phillies’ exposure to that risk is lower, since Comcast owns 75% of the regional sports network.

It is not known what the Phillies will use the proceeds from the capital raise for, but there has been some speculation that the team could go after free agent Juan Soto.

Nabbing Soto, who could get between $50 million and $70 million a year, would likely land the team a huge luxury tax bill. Last season, the Phillies, who are led by superstar Bryce Harper, had a payroll of $262 million, the fourth-highest in baseball, according to Cot’s Baseball Contracts. The team is on the hook for a luxury tax, formerly known as the competitive balance tax, of $10 million, according to Spotrac.

The Phillies have a payroll of $240 million heading into the 2025 season, according to Cot’s. The MLB luxury tax limit is set at $241 million.

Prior to this capital raise, the Middleton family owned 48.75% of the Phillies, the Buck family owned 32.5% and the Middleman family owned 16.25%, according to a person familiar with the team’s ownership. Pat Gillick owned 1.5%, and David Montgomery owned 1%, the person said.

It is not clear what the precise ownership interests are after the capital raise.

A spokesperson for MLB did not respond to CNBC’s request for comment. A spokesperson for the Phillies declined to comment, as did a spokesperson for Galatioto Sports Partners, the advisory firm that represented the Phillies on the capital raise.

Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.

Cosm, the immersive technology company that broadcasts live sports events using what it calls “shared reality,” is partnering with the National Football League, the company announced Monday.

As part of the deal, Cosm will produce and distribute NFL games at its venues throughout the rest of the 2024 season.

The deal includes broadcasting every Thursday night football game on Amazon, all Sunday night games on NBC, every Monday night football game on ESPN and select games on Sunday with Fox.

The company, founded in 2020 by Mirasol Capital, uses a 360-degree dome with giant 12K+ LED screens to offer viewers a fully immersive “shared reality” experience that mirrors being at the game.

The domes fit about 700 people with the average ticket price ranging between $22 and $127. Cosm uses a dynamic pricing model, similar to concerts or live sports.

“What’s so unique about a property like the NFL is that fandom is everywhere,” said Jeb Terry, president and CEO at Cosm. “We see fans coming in wearing jerseys, bringing the Terrible Towel, bringing cow bells, having an absolute blast, like they’re at the stadium themselves.”

The company did not disclose the financial details of its deal with the NFL.

Cosm first opened its doors in Los Angeles and Dallas this summer and recently announced its third venue would be in downtown Atlanta, with future locations to be announced soon.

Cosm already has deals in place with the NBA, UFC, ESPN, NBC Sports, TNT Sports, Fox Sports and Amazon Prime Video, and broadcasts everything from the Summer Olympics in Paris to the current World Series.

Tickets for the first game of the World Series featuring the Los Angeles Dodgers and the New York Yankees sold out in seven minutes, Cosm said. The second game sold out in one minute.

“Inventory is flying off the shelf,” Terry said.

While live sports act as the core anchor for Cosm, the company also has nonsports offerings, including an animated voyage beyond the planets through the eyes of astronauts and a Cirque du Soleil show. This allows the company to have programs throughout lunch and matinee hours when live sports may not be available.

As fans’ viewing habits are changing, Cosm is finding rapid success in its tech-forward model.

Terry said the venues are already seeing repeat customers and they will soon be introducing membership rewards and season passes.

In July, the company raised more than $250 million in funding to expand globally. Cosm is valued at more than $1 billion, and its investors include sports heavyweights such as former Milwaukee Bucks owner Marc Lasry, Cleveland Cavaliers owner Dan Gilbert and co-managing partner of the Philadelphia 76ers and the New Jersey Devils David Blitzer.

Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.

It was a big finish for the 2024 WNBA season.

The fifth game of this year’s WNBA Finals between the Minnesota Lynx and the New York Liberty was the most-viewed WNBA finals game in 25 years across all networks, according to ESPN, citing Nielsen data. The game aired on ESPN and topped out at 3.3 million viewers.

The viewership for Game 5 is especially impressive considering the competition for attention Sunday night. Both the National Football League’s “Sunday Night Football” and Major League Baseball’s National League Championship Series aired at the same time.

Viewership across the entire WNBA Finals series more than doubled in comparison to last year, a continuation of the growing popularity for the WNBA and women’s sports more broadly.

This year’s finals were helped even more by a close battle between a perennial WNBA powerhouse in the Lynx and a previously championship-less contender in the Liberty. Four of the five games were decided by 5 or fewer points, and two games, including the final, went into overtime. The Liberty eventually prevailed, winning 67-62 in front of their home crowd.

The impressive viewership caps off a WNBA season that saw viewership, engagement and attendance up across the board.

The league is also fresh off a new media rights deal, which is negotiated as part of the National Basketball Association’s agreement with broadcast partners. The leagues’ new deal is worth $2.2 billion over 11 seasons, with an agreement to reevaluate the terms after the 2028 season, CNBC previously reported.

And there’s room to run for the WNBA: Several new teams will debut over the next couple of seasons, with the Golden State Valkyries beginning play in the 2025 season. Next year will also have 44 regular season games instead of 40, as well as a seven-game finals instead of five.

The Women’s National Basketball Players Association said Monday it would opt out of the collective bargaining agreement it had earlier reached with the league. The current CBA will still be in place for the 2025 season, according to the Associated Press.

The National Football League’s Cleveland Browns are leaving the shores of Lake Erie.

The Browns plan to leave their current open-air stadium in the city of Cleveland for a yet-to-be-built domed stadium in Brook Park, Ohio, according to a press release from Cleveland Mayor Justin Bibb that was later confirmed by the Browns owners.

Jimmy and Dee Haslam, the principals of the ownership group that owns the Browns, notified Bibb of their plan to move on Wednesday night, according to Bibb. He announced the news in a scathing Thursday press release in which he called the Haslams’ choice “driven by a desire to maximize profits rather than positive impact.”

“They had the opportunity to reinvest in Cleveland, transform the current stadium into a world-class facility, enhance the fan experience, and remain highly profitable,” Bibb said. “We put those options on the table in good faith. Unfortunately, that was not enough.”

In a joint statement, the Haslams said it was essential that the team had a domed stadium for “year-round activity,” and the economics of building a dome on some designated land that was still on the lake in the city of Cleveland did not make sense.

Huntington Bank Field, where the Browns currently play, hosts concerts and other non-football events, but the harsh weather limits the number of events on an annual basis. The lease for the Browns’ current stadium expires after the 2028 NFL season, so the plan is to open up the 2029 season at the Brook Park dome, according to a spokesperson for the Cleveland Browns.

A stadium’s ability to generate income from non-football events has gotten even more attention lately. One NFL stadium netted $4 million in revenue per show during Taylor Swift’s Eras Tour in 2023, CNBC earlier reported.

The Brook Park dome will not use existing taxpayer dollars, the release said.

“Instead, the over $2 billion private investment, together with the public investment, will create a major economic development project that will drive the activity necessary to pay the public bond debt service through future project-generated and Browns-generated revenue,” the Haslams said in the release, while also emphasizing they were still committed to bettering the city of Cleveland.

The Browns’ departure will cost the city of Cleveland $30 million per year in economic impact, according to the mayor’s release. The city is still open to resuming negotiations if the Brook Park venue does not work out, Bibb said.

The City of Cleveland and Haslam Sports Group have been negotiating about renovating the existing stadium or potentially building a new one in Cleveland. But the Haslam Sports Group had also been considering a $2.4 billion dome in Brook Park, according to the Associated Press, and intends to go with that option.

Brook Park is just more than 16 miles from the Browns’ current stadium, which was built in 1999.

The Browns are valued at $6.02 billion, according to CNBC’s Official 2024 NFL Team Valuations. The Browns recently reached a naming rights agreement with Huntington National Bank for their current stadium.

More change is coming to Diamond Sports’ regional sports networks.

The company said in court papers filed Tuesday that it reached a naming rights deal with Flutter-owned FanDuel, which will rebrand the Bally Sports channels just as the National Hockey League season has started and the National Basketball Association’s 2024-2025 season is less than a week away.

Diamond Sports said in the filing that if it is able to emerge from bankruptcy protection, FanDuel will be a “long-term naming rights partner.” The new naming rights agreement would also give FanDuel the right to buy up to 5% of equity in the reorganized company and get performance warrants for up to 5% of equity.

The agreement was approved by a bankruptcy judge Friday afternoon despite an attorney for MLB raising some concerns with what he said was a lack of information about the structure of the term sheet. 

The MLB wanted more information on the deal structure because of the association of its content with sports betting, MLB’s attorney James Bromley said at the hearing.

Joseph Graham, an attorney representing Diamond Sports, said the agreement still forces both parties to follow all the existing league rules on gambling.

The judge ended the hearing by urging the legal representation for Diamond Sports to show MLB and any other interested parties a redacted term sheet to alleviate their concerns.

“A large cohort of FanDuel customers are devoted RSN viewers and this agreement allows us to further cement the FanDuel brand with sports fans and provides a unique vehicle to reward our users,” Mike Raffensperger, FanDuel Group’s president of sports, said in a company release shortly after the hearing concluded.

The launch under the FanDuel Sports Network brand will officially happen Monday across all of Diamond’s 16 regional sports networks. There will be different names depending on the region.

Friday’s court hearing was also the first time that Diamond Sports or the MLB said the Miami Marlins and Diamond were close to an agreement.

A spokesperson for the Miami Marlins declined to comment or confirm.

Earlier this month, Diamond Sports said it was planning to drop all of its MLB teams except for the Atlanta Braves for the 2025 season. The existing teams’ contracts are in various stages with Diamond Sports, but in total, the company would see 11 MLB teams exit.

A Diamond Sports attorney said in court earlier this month that dropping these teams “is not our preferred path.”

Three of those 11 teams will have their games produced by MLB next season, according to a league release.

The new partnership will allow Diamond Sports to get one step closer to emerging from bankruptcy and will give FanDuel, which is already the top sports betting company by market share, even more exposure.

In Tuesday’s court papers, Diamond said that while discussions with FanDuel began in February, it waited until it finalized agreements with the NBA and NHL to negotiate the final terms of the naming rights deal. A FanDuel representative declined to comment beyond the filings, and the specific financial terms of the agreement were not disclosed.

Diamond Sports said in court papers it considered FanDuel “an attractive potential partner … due to the high degree of alignment” between the regional sports networks and the online gaming business.

Hurricane Milton’s damage to Tropicana Field in Tampa, Florida, was so devastating it likely means the Tampa Bay Rays will be looking for another place to play ball for opening day next spring.

Like many baseball stadiums around the country, Tropicana Field’s geographic location makes it vulnerable to hurricane winds or tornado-force winds, hail, storm surge and flooding.

The Baltimore Orioles, Los Angeles Dodgers, New York Mets, Miami Marlins, Pittsburgh Pirates, San Diego Padres and others play on or near the water and could see insurance premiums rise and repair costs soar as weather-related losses hit.

But it’s not just baseball stadiums at risk. NFL stadiums could experience $11 billion in climate-related losses by 2050, according to a new report released by the climate risk analysis company, Climate X.

As football stadiums are increasingly being used for concert venues, storm shelters and community events, the impact could be severe for the economy.

Climate X said it’s a wake-up call for state and local governments.

“The problem with climate change is non-linear and non-stationary. If you had a problem there yesterday, that doesn’t mean that it’s going to be there tomorrow,” said Kamil Kluza, co-founder of Climate X. “Places that have been unimpacted will become impacted, because the climate will change and move around.”

The risks from changing weather patterns go far beyond hurricane winds and flooding.

Dangerous heat is a problem for the Arizona Diamondbacks playing in Phoenix. The team has a lease until 2027 at Chase Field and is responsible for upkeep and repairs. But the facility is struggling to keep fans cool, much less players, in a city where the temperatures this summer broke even Phoenix’s own scorching records.

Up north, a massive snowstorm in 2010 collapsed the roof of the Minnesota Vikings’ Metrodome.

Some of the most harrowing images of stadium damage are still from 2005, of a SuperDome surrounded by floodwaters in New Orleans, housing Katrina victims trying to take cover from the storm.

The Climate X report ranks the vulnerability of the 30 NFL stadiums when it comes to climate hazards such as flooding, wildfires and storm surge. It’s calculated by comparing the projected damage costs to the stadium’s current replacement value.

MetLife Stadium in East Rutherford, New Jersey, home of the New York Giants and the New York Jets, is projected to incur the biggest losses. Climate X projects a total percentage loss of 184%, with cumulative damages exceeding $5.6 billion by 2050 due to the stadium’s low elevation in the marshy Meadowlands and exposure to flooding and storm surge.

The new state-of-the-art $5 billion Sofi Stadium, home to the Los Angeles Chargers and Los Angeles Rams, and State Farm Stadium in Arizona, where the Arizona Cardinals play, are the next-most vulnerable stadiums to climate risk.

Climate X said Lumen Field in Seattle, home to the Seattle Seahawks, and Lambeau Field in Green Bay, Wisconsin, home to the Green Bay Packers, are projected to have a much lower relative loss rates. Their non-coastal locations and limited exposure to extreme heat events could benefit them.

Some teams are trying to tackle the climate change problem head on. For example, Allegiant Stadium in Las Vegas ran the Super Bowl completely off renewable energy.

Mercedes Benz stadium in Atlanta, home to the Atlanta Falcons, said its energy-efficient design reduces electricity usage by 29%.

“The bottom line is that climate change is happening, whether we like it or not, and I think the instead of fighting climate change with just sustainability and reducing CO2, we need to start acting to put adaptation measures in place,” Kluza said.

As for Tropicana Field, there are questions about whether it should be repaired at all, as it’s slated for demolition anyway to make way for a new $1.3 billion ballpark for the Rays to play in time for the 2028 season.