Cincinnati Reds look for new TV partner after ending joint venture with Diamond Sports Group

Cincinnati Reds and Diamond Sports Group have decided to end ir joint venture, allowing Reds to search for a new home to carry ir local games on TV.

Reds were joint owners in what is w FanDuel Sports Network Ohio. FanDuel took over naming rights for Diamond’s 16 regional sports networks last month after Diamond h an agreement with Bally Sports since March 2021.

According to a filing of settlement, Cincinnati h a 20% stake in network. Diamond will buy back Reds' stake for $1.

Major League Baseball will likely produce and distribute Reds games next season. MLB is alrey handling at least six teams in 2025; San Diego, Arizona, Coloro, Cleveland, Milwaukee, and Minnesota.

Texas Rangers are still assessing ir brocast options for next season after anuncing last month it would t renew with Diamond.

Reds' filing came after MLB and Atlanta Braves filed an objection to Diamond Sports Group's reorganization plan.

Diamond Sports has been in Chapter 11 bankruptcy proceedings in Sourn District of Texas since it filed for protection in March 2023. company said in a financial filing last year that it h debt of $8.67 billion.

A final hearing on Diamond’s reorganization plan is scheduled for Thursday.

MLB has stated throughout bankruptcy process that Diamond has t produced a sustainable business plan r has it produced eugh of its financial records.

“Based on current inequate record, Braves and MLB have grave concerns that, if Plan is confirmed, re is a substantial likelihood that Debtors will find mselves once again in financial distress and/or bankruptcy court shortly,” attorneys for Braves and MLB said in filing.

Braves are only team that did t have its contract amended or renegotiated.

Diamond anunced it has agreed to a new contract with St. Louis Cardinals and appears to be on verge of reaching a new deal with Miami Marlins. Both teams are partial owners of ir regional sports networks.

Diamond is continuing to talk with Los Angeles Angels and Kansas City Royals, or two teams it is involved with in joint ventureDiamond Sports Group and Sinclair Brocast Group bought regional sports networks from Walt Disney Co. for nearly $10 billion in 2019. Disney was required by Department of Justice to sell networks for its acquisition of 21st Century Fox’s film and television assets to be approved.