When it comes to broadcasting rights, the 2025 MLB season will be a turning point for many teams. It is the first season where nine of the 30 teams will air on a FanDuel SportsNetwork regional sports network (RSN). After declaring bankruptcy, RSN conglomerate Diamond Sports Group dropped the Bally Sports brand and formed a partnership with FanDuel group. They themselves rebranding to Main Street Sports Group in January upon exiting Chapter 11 bankruptcy.
The FanDuel SportsNetwork RSNs is comprised of a leaner slate of teams than Bally Sports was, with broadcasting rights for nine MLB teams compared to twelve in 2023 for Bally Sports. The fact nine teams remain is still a remarkable achievement, as just at the end of the 2024 MLB season it was looking more likely than not that many of those teams would lose their RSN deals.
This article takes a look at where those nine remaining teams stand headed into the 2025 MLB season. All data on operating income along with 2023 and 2022 ratings are sourced through Forbes. 2024 ratings are harder to come by and only available for certain teams, and found on various sources linked below.
Atlanta Braves2024 Record: 89-73, T2nd NL East, Eliminated NLWCS 2-0
2024 Operating Income: $66 million, #6
2024 Average HH Rating: —
2024 Average HH Rating: —
2023 Average HH Rating: 3.43
2022 Average HH Rating: 2.90
At the end of the 2024 regular season, Diamond Sports Group announced a plan to end or renegotiate their contracts with nearly all their teams. The Atlanta Braves were the sole team not impacted by this. The playoff-bound team brings in higher Household ratings than most other MLB teams about to air on a FanDuel Sports Network. It’s also a very profitable team, with $66 million in operating income in 2024, the sixth-highest in the MLB. With the Atlanta metro now the third-fastest-growing region in the United States, and the Braves entering the 2025 season as considered to be one of the most promising teams in the league, it’s no wonder even a fledging RSN conglomerate is content.
Detroit Tigers
2024 Record: 86-76, T2nd AL Central, Eliminated ALDS 3-2
2024 Operating Income: $17 million, #21
2024 Average HH Rating: —
2023 Average HH Rating: 2.56
2022 Average HH Rating: 2.52
The Detroit Tigers were one of two teams Diamond Sports Group was planning on dropping from their roster at the end of the 2024 season. Ratings for the 2022 and 2023 seasons are middle-of-the-line, with 2024 ratings harder to come by. What we do know is that a carriage dispute with Comcast, which affected over half of Bally Sports Detroit customers, severely impacted the ratings midway through the season, as did the fact that the Detroit Tigers were far from playoff contenders. Toward the end of the season, the carriage dispute was settled, with the Tigers going onto a higher-priced cable package. They proceeded to go on a historic run to eek their way to a Wild Card spot. The team is not remarkably profitable, ranking 21st in 2024 operating income with $17 million.
In November 2024, the Tigers reached a new RSN deal, remaining with Diamond Sports Group/Bally Sports as they rebrand to Main Street Sports Group/FanDuel SportsNetwork. According to local reporting, the Tigers are expected to receive millions, if not tens of millions of dollars less with their revised RSN deal than they had with their previous deal. It should be noted that despite the less favorable terms, the Detroit Tigers still chose this deal over starting their own network or joining MLB.tv.
The Tigers are arguably holding onto their RSN deal by the skin of their teeth. Sure, the ratings are fine, but Main Street Sports Group clearly does not see them as an indispensable asset if they were ready to let the team go at the end of last season. Whether or not the team over-performs their middling expectations this upcoming season could be a good indicator for the future of their televised rights.
Kansas City Royals
2024 Record: 86-76, T2nd AL Central, Eliminated ALDS 3-1
2024 Operating Income: $52 million, #12
2024 Average HH Rating: 3.43
2023 Average HH Rating: 2.60
2022 Average HH Rating: 3.72
Of the teams with 2024 Household ratings readily available, the Kansas City Royals are the only ones to see a ratings bump from 2023. It’s no wonder either — the team had 106 losses in 2023, and made the playoffs in 2024. Even in 2023, ratings were not as bad as one might think they would be for the second-worst team in baseball. Given the (relative) loyalty, it makes sense why Diamond Sports Group would want to stay in business with the Kansas City Royals.
In December 2024, the Kansas City Royals signed a new one-year deal with Diamond Sports Group, now Main Street Sports Group. Like with the Tigers, the new deal is reported to be less favorable to the Royals than the one before it, amounting to an undisclosed loss of revenue. The Royals claim this will not affect their payroll. Whether or not this affects the team’s bottom line remains to be seen, but they do have some room to fall. With $52 million in operating income in 2024, the Kansas City Royals were the 12th-most-profitable team in baseball.
The Royals will reevaluate their options after the 2025 season. With a solid amount of team loyalty and streaming viewership up over 200% year-to-year, a shift to a team-owned network or streaming service should not be ruled out. A departure from their RSN deal could also indicate a step toward leaving Kansas City entirely — something that has been rumored ever since voters blocked their plans to build a new stadium last April.
Los Angeles Angels
2024 Record: 63-99, 5th AL West, Missed Playoffs
2024 Operating Income: $15 million, #22
2024 Average HH Rating: —
2023 Average HH Rating: 0.90
2022 Average HH Rating: 0.83
There are several issues facing the Los Angeles Angels headed into the 2025 MLB season. They’re coming off a last place finish in the AL West, even behind the Oakland Athletics, who have not been trying to make their case as a winning team as they leave the city. Their operating income in 2024 was just $15 million, the ninth-lowest in the MLB. While ratings Household ratings for 2024 are hard to come by, it’s hard to imagine they were any better in 2024 than years past when the team itself was worse. Those ratings are abysmally low, failing to even break a 1.0.
Despite their struggles, the Los Angeles Angels renegotiated a multi-year deal with Diamond Sports Group (now Main Street Sports Group) in November 2024. They also recently extended the lease on their home stadium through 2032; it was previously set to expire in 2029, with an option through 2038.
There is reason to believe the future is brighter for the Los Angeles Angels under the FanDuel Sports Network branding. Starting with the 2025 season, Angels games will be available to stream via a subscription on the FanDuel Sports Network app. The Angels were notably absent from Bally Sports+’s streaming roster. This move should help with overall viewership along with revenue, which in turn will impact their operating income. Now the Angels just need to get out of last place.
Miami Marlins
2024 Record: 62-100, 5th NL East, Missed Playoffs
2024 Operating Income: $23 million, #18
2024 Average HH Rating: 0.18
2023 Average HH Rating: 0.75
2022 Average HH Rating: 0.66
After managing to (barely) make the playoffs in 2023, the Marlins had a 100-loss season in 2024. It was worse than usual, but not by much for a team that has had more 100-loss seasons than playoff berths since changing their name in 2012. First named the Florida Marlins, they launched in 1993 and are still one of the newest teams in baseball. The Marlins enjoy an upscale ballpark that can fit 37,000 fans, but have never ranked higher than 27th in attendance after the stadium’s inaugural year in 2012.
As the Marlins would have to come to learn, it takes more than a good stadium to draw fans — you also need a good team. Marlins’ TV ratings were dreadfully low in 2022 and 2023, the second-lowest-rated in the MLB both seasons. Even with those already-low ratings, the ratings still managed to fall off a cliff in 2024. Between the terrible baseball season and a dispute between Comcast and Diamond Sports Group affecting nearly two-thirds of customers, Marlins ratings were down a whopping 76%.
Despite speculation this would lead to the Marlins being dropped from their RSN deal, the team signed a new multi-year agreement with Diamond Sports Group in November 2024. Financial details were not disclosed, but it would be unsurprising if they’re less favorable for the Marlins than the prior deal. The Marlins are in better shape financially than one might expect, ranking 18th in operating income in 2024 with $23 million. That’s below the median, but demonstrates signs of an ownership that prioritized the team’s profits over its win-loss record in 2024 — a contrast to the season prior.
Milwaukee Brewers
2024 Record: 93-69, 1st NL Central, Eliminated NLWCS 2-1
2024 Operating Income: $36 million, #15
2024 Average HH Rating: 5.00
2023 Average HH Rating: 5.19
2022 Average HH Rating: 4.65
The Milwaukee Brewers were Bally Sports’ highest-rated MLB team in 2024, unsurprising given their win-loss record. The Brewers finished ten games above second place in the NL Central, winning their division by more than any other team in the MLB. A playoff expansion led to the Brewers having to still play as a Wild Card team, a best-of-three series they wound up losing. So while the Brewers didn’t make it far in the MLB playoffs, they had one of the most successful regular seasons in baseball, which is what benefits the RSNs.
It was a rather surprising development then when the Milwaukee Brewers decided to leave Bally Sports in early October 2024, just days after their season had come to an end. The team’s CEO “saw this coming” and chalked it up to a general shift in viewing away from cable and toward streaming. Like several other MLB teams, the Brewers were to broadcast their 2025 games on the MLB-owned streaming service MLB.tv. The Brewers also chose the shift to MLB.tv over starting up their own cable network. However, the Brewers were unpleased with Bally Sports’ streaming service, and their small market size correlated with a similarly-small RSN deal.
In December 2024, the Brewers changed course and signed a new one-year deal with Diamond Sports Group. The deal is said to actually hold better terms for the Brewers, including FanDuel-produced pregame and postgame shows and streaming availability on Amazon Prime Video via an add-on subscription. Still, Brewers CEO Rick Schlesinger was frank about the deal and the future of the RSN business in general. He admits a vision that involves the Brewers leaving FanDuel Sports Network and landing on MLB.tv as early as 2026.
St. Louis Cardinals
2024 Record: 83-79, T2nd NL Central, Missed Playoffs
2024 Operating Income: $57 million, #9
2024 Average HH Rating: 3.9
2023 Average HH Rating: 5.30
2022 Average HH Rating: 7.28
The St. Louis Cardinals have been facing sharply declining ratings recently. They were by far the highest-rated team in baseball in 2022, and were still a close second in 2024 despite ratings plunging 27%. In 2024, the St. Louis Cardinals weren’t even the highest-rated team under the Bally Sports umbrella, with ratings falling another 24%. The decline in 2023 was understandable, as the team went from first place in their division in 2022 to last place in 2023, and two star players retired at the end of the 2022 season. The decline in ratings continues even as the team improved in 2024, tying for second in the division but still missing the playoffs.
Like many times that played under the Bally Sports umbrella in 2024, the future of the Cardinals with the RSN conglomerate was in limbo for a bit. The Cardinals signed a 15-year RSN deal worth over $1 billion in 2018 back when they were on Fox Sports Midwest. Despite this, Diamond Sports Group announced they would drop the Cardinals after the 2024 season without a new deal. In November 2024, such a new deal was reached, a multi-year deal that will find the Cardinals under the FanDuel Sports Network umbrella. The new deal will also allow cable subscribers to stream games on the FanDuel Sports Network app.
Even with declining ratings, the Cardinals are in a pretty healthy position overall. Their multi-year deal means they won’t be scrambling to find a new TV home after the 2025 season. Their operating income in 2024 was the ninth-highest in the MLB, and third-highest among teams under the FanDuel Sports Network umbrella. Holding them back are the prospects for their 2025 season; ESPN’s preseason power rankings rank them 26th out of 30 teams, far out of playoff contention.
Tampa Bay Rays
2024 Record: 80-82, 4th AL East, Missed Playoffs
2024 Operating Income: $68 million, #3
2024 Average HH Rating: 1.59
2023 Average HH Rating: 3.18
2022 Average HH Rating: 2.55
The future of the Tampa Bay Rays on television was in doubt shortly after the 2024 MLB season ended. The team’s ratings declined sharply in 2024, aligning with a mediocre season that saw them miss the playoffs for the first time since 2018. As one of the newest teams in the MLB, the Rays’ ratings have been lower than one would expect even for a playoff team. There’s been much talk about the team building a new stadium, or even moving out of Tampa Bay. A new city, state, and country were all floated as possibilities, and appeared more likely as their home field was severely damaged by a hurricane that same month.
When it comes to television rights, things have been looking more stable for the Rays since October. They reached a new deal with FanDuel Sports Network in November. However, it’s still unclear what future they have as a franchise in Tampa Bay. Tropicana Field is considered unplayable in the 2025 season due to damages caused by Hurricane Milton, and is undergoing renovations to reopen for the 2026 season. Due to this, the franchise announced they no longer plan to demolish the stadium and build a new one in 2028. The team gets infamously low attendance at Tropicana Field, and has been open about their intentions to relocate.
One thing remarkable about the Rays as a franchise is how they handled their finances in 2024. At $1.25 billion, the Rays were the fourth-lowest-valued team in the MLB. However, they were fourth-highest in revenue and third-highest in operating income. This is a low-valued but highly profitable team at a major inflection point as a franchise, as they just barely keep their RSN deal and look to potentially leave their current home.
Cincinnati Reds
2024 Record: 77-85, 4th NL Central, Missed Playoffs
2024 Operating Income: $53 million, #11
2024 Average HH Rating: —
2023 Average HH Rating: 4.74
2022 Average HH Rating: 2.87
Despite finishing in third place and barely having a winning record, the Cincinnati Reds were the third-highest-rated team in 2023 currently under the FanDuel Sports Network umbrella. While ratings are hard to come by for 2024, one can imagine the fourth-place Reds saw a ratings decline, albeit perhaps not to the levels of their 100-loss season in 2022. Whatever the case, the Reds failed to reach a new deal with Diamond Sports Group in November 2024, selling their 20% stake in the network to Diamond Sports Group for just $1 in the process. The team struck a deal with the MLB three days later to launch Reds TV, where the MLB would produce and distribute the Reds games on cable, satellite, and streaming.
The Reds reversed course in January, deciding to stay with what is now FanDuel Sports Network after all. The move came just two weeks after the Milwaukee Brewers did the same, finding the traditional RSN deal more favorable to that of the MLB’s. This, of course, is a major setback to the MLB’s plan to eventually produce and distribute the games for every team.
Financially, the Reds are one of several teams under the FanDuel Sports Network umbrella among the lowest-valued in baseball. As the fifth-lowest-valued team, the Reds are behind 25 MLB teams but ahead of three fellow FanDuel Sports Network teams. Operating income is a bit of a better story for the team, where they rank 11th in the MLB and 4th among FanDuel Sports Network teams.