The Cincinnati Reds and Diamond Sports Group have decided to end their joint venture, allowing the Reds to seek a new home to broadcast their local games on television.

The Reds were part owners of what is now FanDuel Sports Network Ohio. FanDuel took over the naming rights to Diamond’s 16 regional sports networks last month after Diamond had a deal with Bally Sports since March 2021.

According to a settlement filing, Cincinnati held a 20% stake in the network. Diamond will buy out the Reds’ stake for $1.

It is likely that Major League Baseball will produce and distribute Reds games next season. MLB already operates at least six teams in 2025; San Diego, Arizona, Colorado, Cleveland, Milwaukee and Minnesota.

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

The Reds’ filing comes 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 filing for protection in March 2023. The company said in a financial filing last year that it had a debt of $8.67 billion.

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

MLB said throughout the bankruptcy process, Diamond failed to produce a sustainable business plan or sufficient financial documents.

“Based on the current inadequate filing, the Braves and MLB have serious concerns that, if the plan is confirmed, there is a high probability that the debtors will again find themselves in financial distress and/or in bankruptcy court in the future close,” attorneys for the Braves and MLB said in the filing.

The Braves are the only team whose contract has not been changed or renegotiated.

Diamond announced he has agreed to a new contract with the St. Louis Cardinals and appears to be close to agreeing to a new deal with the Miami Marlins. Both teams have partial ownership of their regional sports networks.

Diamond continues to talk with the Los Angeles Angels and Kansas City Royals, the other two teams with which he is involved in joint ventures.

Diamond Sports Group and Sinclair Broadcast Group purchased The Walt Disney Co.’s regional sports networks for nearly $10 billion in 2019. Disney was forced by the Justice Department to sell the networks for its acquisition of the film assets and television from 21st Century Fox. approved.