The Cincinnati Reds and Diamond Sports Group have decided to end their joint venture, allowing the Reds to look for a new home to televise their local games.

The Reds were co-owners of what is now FanDuel Sports Network Ohio. FanDuel took over naming rights to Diamond’s 16 regional sports networks last month, after Diamond signed with Bally Sports since March 2021.

Cincinnati had a 20% stake in the network, according to the settlement filing. Diamond will buy back the Reds’ shares for $1.

Major League Baseball is likely to produce and distribute Reds games next season. MLB is currently interested in at least six teams in 2025; San Diego, Arizona, Colorado, Cleveland, Milwaukee and Minnesota.

The Texas Rangers are still evaluating broadcast options for next season after announcing last month that they would not renew Diamond’s contract.

The Reds’ application comes after MLB and the Atlanta Braves objected to Diamond Sports Group’s restructuring plan.

Diamond Sports has been in Chapter 11 bankruptcy proceedings in the Southern District of Texas since filing for protection in March 2023. The company stated in its financial statement last year that it had a debt of $8.67 billion.

The final hearing on Diamond’s restructuring plan is scheduled for Thursday.

MLB stated throughout the bankruptcy process that Diamond had failed to produce a sustainable business plan and adequate financial records.

“Based on the current inadequate records, the Braves and MLB have serious concerns that, if the Plan is approved, there is a high likelihood that the Debtors will once again find themselves in financial distress and/or bankruptcy court in the near future.” Lawyers for the Braves and MLB said in the filing.

The Braves are the only team whose contract was not modified or renegotiated.

Diamond, St. He announced that he has signed a new contract with the St. Louis Cardinals and appears to be on the verge of reaching a new deal with the Miami Marlins. Both teams are partial owners of their respective regional sports networks.

Diamond continues talks with the Los Angeles Angels and Kansas City Royals, two other teams with whom he has joint ventures.

Diamond Sports Group and Sinclair Broadcast Group acquired the regional sports networks from The Walt Disney Co. in 2019 for about $10 billion. The Justice Department demanded that Disney sell the networks to acquire 21st Century Fox’s film and television assets. approved.