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

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.

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

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.

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.

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.