The Cincinnati Reds and Diamond Sports Group have announced the conclusion of their partnership, which opens the door for the Reds to explore alternative television options for broadcasting their games locally.
Once a co-owner of what is currently known as FanDuel Sports Network Ohio, the Reds had a 20% stake in the network. Recently, FanDuel acquired the naming rights for Diamond Sports’ 16 regional sports networks after a prior agreement with Bally Sports, which was in place since March 2021.
In a settlement filing, it was revealed that Diamond would repurchase the Reds’ stake for just $1. The expectation is that Major League Baseball (MLB) will take over the production and distribution of the Reds’ games starting next season. MLB already manages broadcasts for at least six teams as of 2025, which includes the San Diego Padres, Arizona Diamondbacks, Colorado Rockies, Cleveland Guardians, Milwaukee Brewers, and Minnesota Twins.
Meanwhile, the Texas Rangers are still evaluating their broadcasting arrangements for the coming season after they recently decided not to renew their contract with Diamond Sports.
The Reds’ announcement follows an objection brought forward by MLB and the Atlanta Braves against Diamond Sports Group’s reorganization strategy. Diamond Sports has been undergoing Chapter 11 bankruptcy proceedings in the Southern District of Texas since filing for protection in March 2023, reporting an overwhelming debt of approximately $8.67 billion in a financial disclosure last year.
A conclusive hearing on Diamond’s reorganization plan is set to take place on Thursday. Throughout the bankruptcy situation, MLB has criticized Diamond for failing to provide a viable business model and adequate financial documentation.
“Given the current insufficient records, the Braves and MLB harbor serious concerns that if the Plan is approved, there is a significant chance the Debtors will find themselves facing further financial difficulties or bankruptcy in the short term,” stated attorneys representing the Braves and MLB.
Notably, the Braves remain the only team that did not have their contract renegotiated or amended during this period. Conversely, Diamond has confirmed a new agreement with the St. Louis Cardinals and seems close to finalizing another deal with the Miami Marlins, both of which hold partial ownership stakes in their regional sports networks.
Additionally, Diamond is still engaged in discussions with the Los Angeles Angels and Kansas City Royals regarding their joint ventures.
In 2019, Diamond Sports Group and Sinclair Broadcast Group acquired the regional sports networks from The Walt Disney Co. for nearly $10 billion, a move mandated by the Department of Justice in relation to Disney’s acquisition of 21st Century Fox’s entertainment assets.