The St. Louis Cardinals and Diamond Sports Group have finalized a new multi-year media rights agreement. This deal keeps Diamond as the team’s exclusive local broadcaster while introducing a key element: direct-to-consumer streaming options.
According to Cardinals President Bill DeWitt III, this agreement represents a notable reduction in rights fees, approximately 20% compared to previous terms. FanDuel Sports Network Midwest, formerly known as Bally Sports Midwest and Fox Sports Midwest, will continue its role broadcasting Cardinals games not picked up by national networks, complete with pre- and post-game coverage and original programming.
A significant addition is the direct-to-consumer streaming access within the Cardinals' television territory. Pay TV subscribers will also be able to stream games via the FanDuel Sports Network app using their provider credentials. Specific details on pricing and subscriptions for the streaming service are yet to be released.
“We valued the continuity for our fans of staying on the same network as the Blues,” DeWitt said.
Diamond Sports Group CEO David Preschlack stated that the company is actively engaged in negotiations with other MLB teams as it navigates its emergence from bankruptcy protection.
This agreement arrives amidst Diamond Sports Group's substantial restructuring. The company filed for Chapter 11 bankruptcy protection in March 2023 due to revenue losses stemming from declining cable subscriptions. Initially acquiring its regional sports networks portfolio from Disney in 2019 for $10.6 billion through its parent company Sinclair Broadcast Group, Diamond previously managed 21 regional sports networks broadcasting for over 40 professional teams. During the bankruptcy process, several MLB team agreements were terminated, while others, like the one with the Atlanta Braves, were retained.
The Cardinals' partial ownership of FanDuel Sports Network Midwest, through a joint venture, insulated this relationship from Diamond's bankruptcy proceedings.
The review of Diamond’s remaining MLB team agreements is scheduled for November as part of the company’s bankruptcy exit plan. Sinclair Broadcast Group is expected to withdraw from its involvement with the regional sports networks pending court approval.