Diamond Sports Group, the largest owner of regional sports networks, can emerge out of bankruptcy after having its reorganization plan approved.

Diamond Sports Group, the largest regional-sports-network operator in the United States, received approval to emerge from bankruptcy Thursday on the 20-month anniversary of it filing for Chapter 11. Judge Christopher Lopez,

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

The broadcaster will now be able to emerge from bankruptcy with a reduced portfolio of 13 NBA teams, eight NHL teams and six MLB teams.

Diamond Sports Group has officially emerged from bankruptcy, overcoming a 20-month odyssey that was referred to in the courtroom Thursday as a "twisted journey" and a "miracle." Judge Christopher Lopez issued the decision after a hearing that included only one objection from U.

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.