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,

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

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.