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

Diamond Sports Group will emerge out of bankruptcy with significantly less debt, but also fewer teams and networks.

A federal judge in Houston on Thursday gave broadcaster Diamond Sports Group the green light to emerge from bankruptcy, wrapping a 20-month saga that roiled the world of sports television. Diamond, which operates 16 regional sports stations that were recently rebranded with the FanDuel name,

When Diamond entered bankruptcy, it had the rights to 42 professional teams (14 baseball, 16 NBA, and 12 NHL). The reorganized company has 27 franchises (six baseball, 13 NBA, and eight NHL).

Regional sports broadcaster Diamond Sports Group received court approval on Thursday for a bankruptcy restructuring that will rebrand its TV channels, trim nearly $9 billion in debt, and renegotiate broadcast contracts with six Major League Baseball teams.

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