Diamond Sports Group, the largest owner of regional sports networks, including those broadcasting Cincinnati Reds games, may soon find itself with only one Major League Baseball team under contract next season. In a recent U.S. Bankruptcy Court hearing in Houston, the company, which operates Bally Sports, revealed plans to sever ties with seven teams currently under contract for the 2025 season as part of its restructuring process.
Diamond’s reorganization plan involves canceling the contracts of the Detroit Tigers and Tampa Bay Rays while attempting to renegotiate agreements with five teams that are partial owners of their regional sports networks. These teams include the Cincinnati Reds, Kansas City Royals, Los Angeles Angels, Miami Marlins, and St. Louis Cardinals. Currently, the Reds are in the middle of a 15-year agreement with Bally Sports, previously known as Fox Sports Ohio, which has been the team’s cable broadcaster since 1998.
Meanwhile, the Cleveland Guardians, Milwaukee Brewers, Minnesota Twins, and Texas Rangers have contracts that expired at the conclusion of the regular season. If the reorganization proceeds as planned, the Atlanta Braves could be the only MLB team left with an unchanged broadcasting agreement with Diamond Sports.
During the hearing, Diamond Sports attorneys mentioned that proposals have been sent to the 11 MLB teams that are either out of contract, have rejected previous deals, or are part of joint ventures. Despite ongoing negotiations, the future of broadcasting for these teams remains uncertain.
Diamond Sports Group has been undergoing Chapter 11 bankruptcy proceedings in the Southern District of Texas since March 2023. The company’s financial struggles are compounded by a reported $8.67 billion in debt, as outlined in a 2023 financial filing. The company aims to emerge from bankruptcy by the end of the year, with a focus on its linear and digital offerings to continue serving both its business partners and fans.
During the bankruptcy hearing, MLB attorney James Bromley expressed frustration with the proposed reorganization plan, revealing that Major League Baseball had only been informed of the developments shortly before the court session began. Despite this, Diamond Sports continues negotiations with its team partners, signaling potential changes ahead for MLB broadcasting.
