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 Group won court approval of a restructuring plan that hands control of the bankrupt sports broadcaster to lenders and blesses a multi-year agreement to stream games on Amazon.com Inc.’s Prime Video channels.

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.