Diamond Sports has received court approval for its reorganization plan, allowing the company to exit bankruptcy and significantly reduce its debt load. The owner of regional sports networks restructured deals with professional sports teams and leagues and secured agreements with Amazon Prime Video and FanDuel. Diamond now holds local broadcasting rights for multiple NBA, NHL, and MLB teams. The company emerges from bankruptcy with $100 million in cash and is positioned to operate under new ownership. It faces ongoing challenges due to changes in the pay-TV model and the rise of cord-cutting.