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 owner of regional sports networks, can emerge out of bankruptcy after having its reorganization plan approved.

A judge approved the company’s plan, which includes a streaming deal that will allow fans in certain markets to circumvent a cable package.

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.

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, 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.

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.