The company that owns 19 regional cable networks under the Bally Sports banner has entered a 30-day grace period with creditors after missing a scheduled payment on roughly $140 million of debt.Diamond Sports Group LLC, a subsidiary of Sinclair Broadcast Group, was scheduled to make the payment on Wednesday. However, the company announced in a statement that it will instead 'continue progressing its ongoing discussions with creditors and other key stakeholders regarding potential strategic alternatives.'Diamond's networks have the rights to 42 professional teams - 14 baseball, 16 and 12 NHL. Bloomberg reported last month that Diamond Sports Group has an overall debt of $8.6 billion.
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