Diamond Sports Group, the largest regional-sports-network operator in the United States, emerged from bankruptcy Thursday, on the 20-month anniversary of it filing for Chapter 11.

A federal judge in U.S. Bankruptcy Court has approved a reorganization plan for Diamond Sports Group, the owner of the recently rebranded national FanDuel Sport

Diamond Sports, the owner of regional sports networks, moved closer to exiting bankruptcy on Thursday after a bankruptcy judge said he would sign off on its reorganization plan. The company sought bankruptcy protection in March 2023 as it was toppled by a heavy debt load and the proliferation of consumers leaving the pay TV bundle.

Twenty months after Diamond Sports Group filed for Chapter 11 bankruptcy protection, the owner and operator of the 16 FanDuel Sports Network RSNs on Thursday was granted a new lease on life in a Houston court room.

Diamond Sports Group's restructuring plan was approved Thursday by a Texas judge, clearing the way for the company to exit bankruptcy after a 20-month process. Why it matters: Diamond's ability to get out of bankruptcy gives the beleaguered regional sports network business a lifeline.