In a year, the Tampa Bay Rays will be without a television deal, as they are set to part ways with Bally’s Sports and its parent company, Diamond Sports Group. They are among numerous MLB, NHL, and NBA teams that are leaving Bally’s to forge new and innovative deals.
The Cincinnati Reds and Diamond Sports Group have concluded their joint venture, paving the way for the Reds to seek a new television partner for their local broadcasts. The Reds had co-ownership in what has become FanDuel Sports Network Ohio. FanDuel assumed the naming rights of Diamond’s 16 regional sports networks recently, following Diamond’s prior agreement with Bally Sports that began in March 2021.
A final hearing on Diamond’s reorganization plan is scheduled for Thursday.
MLB has stated throughout the bankruptcy process that Diamond has not produced a sustainable business plan nor has it produced enough of its financial records.
“Based on the current inadequate record, the Braves and MLB have grave concerns that, if the Plan is confirmed, there is a substantial likelihood that the Debtors will find themselves once again in financial distress and/or bankruptcy court in the near future,” attorneys for the Braves and MLB said in the filing.
The Braves are the only team that did not have its contract amended or renegotiated.
Diamond announced it has agreed to a new contract with the St. Louis Cardinals and appear to be on the verge of reaching a new deal with the Miami Marlins. Both teams are partial owners of their regional sports networks.
Advertisement
Diamond is continuing to talk with the Los Angeles Angels and Kansas City Royals, the other two teams it is involved with in joint ventures.
Diamond Sports Group and Sinclair Broadcast Group bought the regional sports networks from The Walt Disney Co. for nearly $10 billion in 2019. Disney was required by the Department of Justice to sell the networks for its acquisition of 21st Century Fox’s film and television assets to be approved.
___
AP MLB: https://apnews.com/hub/mlb
According to a filing of the settlement, Cincinnati had a 20% stake in the network. Diamond will buy back the Reds’ stake for $1.
It is likely that Major League Baseball will produce and distribute Reds games next season. MLB is already handling at least six teams in 2025; San Diego, Arizona, Colorado, Cleveland, Milwaukee and Minnesota.
The Texas Rangers are still assessing their broadcast options for next season after announcing last month it would not renew with Diamond.
The Reds’ filing came after MLB and the Atlanta Braves filed an objection to Diamond Sports Group’s reorganization plan.
Diamond Sports has been in Chapter 11 bankruptcy proceedings in the Southern District of Texas since it filed for protection in March 2023. The company said in a financial filing last year that it had debt of $8.67 billion.
