March 2010 April 2010 May 2010 June 2010 July 2010
August 2010
September 2010 October 2010
November 2010
December 2010
January 2011
February 2011 March 2011 April 2011 May 2011 June 2011 July 2011 August 2011 September 2011 October 2011 November 2011 December 2011 January 2012 February 2012 March 2012 April 2012 May 2012 June 2012 July 2012 August 2012 September 2012 October 2012 November 2012 December 2012 January 2013 February 2013 March 2013 April 2013 May 2013 June 2013 July 2013 August 2013 September 2013 October 2013 November 2013 December 2013 January 2014 February 2014 March 2014 April 2014 May 2014 June 2014 July 2014 August 2014 September 2014 October 2014 November 2014 December 2014 January 2015 February 2015 March 2015 April 2015 May 2015 June 2015 July 2015 August 2015 September 2015 October 2015 November 2015 December 2015 January 2016 February 2016 March 2016 April 2016 May 2016 June 2016 July 2016 August 2016 September 2016 October 2016 November 2016 December 2016 January 2017 February 2017 March 2017 April 2017 May 2017 June 2017 July 2017 August 2017 September 2017 October 2017 November 2017 December 2017 January 2018 February 2018 March 2018 April 2018 May 2018 June 2018 July 2018 August 2018 September 2018 October 2018 November 2018 December 2018 January 2019 February 2019 March 2019 April 2019 May 2019 June 2019 July 2019 August 2019 September 2019 October 2019 November 2019 December 2019 January 2020 February 2020 March 2020 April 2020 May 2020 June 2020 July 2020 August 2020 September 2020 October 2020 November 2020 December 2020 January 2021 February 2021 March 2021 April 2021 May 2021 June 2021 July 2021 August 2021 September 2021 October 2021 November 2021 December 2021 January 2022 February 2022 March 2022 April 2022 May 2022 June 2022 July 2022 August 2022 September 2022 October 2022 November 2022 December 2022 January 2023 February 2023 March 2023 April 2023 May 2023 June 2023 July 2023 August 2023 September 2023 October 2023 November 2023 December 2023 January 2024 February 2024 March 2024 April 2024
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
News Every Day |

5-Hour Energy billionaire Manoj Bhargava sued by the owner of Sports Illustrated for $49 million after a tumultuous takeover

Manoj Bhargava
  • The owner of the Sports Illustrated brand filed a lawsuit Monday against the magazine's old publisher.
  • The Arena Group lost SI, its crown jewel, after 5-Hour Energy owner Manoj Bhargava took control.
  • In a lawsuit, Authentic Brands Group says Bhargava threatened to "go nuclear" and seeks $49 million.

Manoj Bhargava, the 5-Hour Energy drink mogul who acquired the company that published Sports Illustrated and promptly lost the rights to publish the iconic sports media brand, found himself on the receiving end of yet another lawsuit on Monday.

Authentic Brands Group, which owns the Sports Illustrated brand, said Bhargava and others are on the hook for $49 million after defaulting on a multi-year deal to publish the sports magazine and its website, as well as damages to the brand.

It's at least the third suit against Bhargava and the media company he acquired, the Arena Group, stemming from his acquisition of most of its shares last year.

Arena failed to make a licensing payment to ABG in early January. Behind the scenes, according to the complaint, Bhargava "behaved more like a gangster than a trusted business partner," using his failure to pay as a way to attempt to restart negotiations between Arena Group and ABG.

The lawsuit claims Bhargava was threatening to "go nuclear" by holding Sports Illustrated hostage — threatening to shut down its websites, steal its content and subscriber data, and infringe its trademarks and copyrights. The lawsuit alleges this was all done to force Authentic Brands back to the negotiating table after their licensing deal fell apart.

After ABG awarded the Sports Illustrated publishing rights to another media group, the lawsuit states Bhargava and Arena forced the websites to go dark, risking the loss of subscribers and ad revenue at the start of March Madness.

"The timing of this action — right at the beginning of the NCAA men's and women's basketball tournaments, a particularly busy time for sports news outlets — shows Arena's deliberate and unlawful torpedoing of SI's web traffic and Google rankings to the benefit of Arena's own properties," the complaint states. ABG also claims Bhargava instructed Arena employees to tell third-party vendors to withhold or destroy Sports Illustrated's intellectual property and consumer data.

It's the latest challenge for Bhargava, a Michigan-based monk-turned-entrepreneur who founded 5-Hour Energy and is reputed to be a billionaire from the brand's success (though Bhargava claimed in 2021 not to know his net worth).

Last week, former Arena Group CEO Ross Levinsohn sued Bhargava, saying he was fired for pushing back on a false press release and a plan to steamroll SI's union. Rob Barrett, another fired exec, has also sued.

Bhargava's tax issues have also been thrust into the spotlight. Senator Ron Wyden sent a letter to a Swiss bank in March seeking information about an array of accounts that are reportedly linked to Bhargava. And the IRS said in 2019 court filings that it regarded hundreds of millions of dollars of charitable donations by Bhargava as suspicious; that case hasn't been resolved.

ABG's lawsuit touches on tax issues as well, stating "Bhargava allegedly used the bank to hide hundreds of millions of dollars overseas over the last 15 years" and citing Wyden's letter that, if the allegations are true, Bhargava would be facing one of the largest tax penalties in US history.

"ABG does not comment on pending litigation," a spokesperson for Authentic Brand Groups said.

Representatives for Bhargava and Arena Group did not immediately respond to requests for comment.

Sports Illustrated — which is a relatively small part of Authentic Brands' licensing empire, which includes Reebok, Brooks Brothers, and Nautica, among other labels — found a new home in March when Authentic Brands transferred the license to Minute Media, a publishing firm whose websites include the Derek Jeter-founded outlet the Players' Tribune.

But it's not clear whether dozens of unionized staff will find new jobs there; in recent days, nearly all the articles on have been written by contributors to The Big Lead, another Minute Media digital property.

Read the original article on Business Insider
Григорий Лепс

Григорий Лепс выбил телефон из рук поклонницы на концерте в Костроме

Couple who won Come Dine With Me posed as customs officers to steal drugs as part of scam

Четвертый том в серии ко Дню космонавтики

Men’s volleyball: Long Beach sweeps UCI for Big West title; top seeds win in MIVA tourney

Danielle Serdachny scores OT goal to lift Canada to 6-5 win over US in women’s hockey world final

Read also

Stock market today: Asian benchmarks are mixed while US seems committed to current rates

Video: Xavi sent off as Barcelona’s heads go against Paris Saint-Germain

Here are the first 7 jurors picked to serve on Trump’s hush money trial

News, articles, comments, with a minute-by-minute update, now on

News Every Day

Men’s volleyball: Long Beach sweeps UCI for Big West title; top seeds win in MIVA tourney — latest news 24/7. You can add your news instantly now — here

News Every Day

The Masters 2024: Rory McIlroy feels he can still win at Augusta National despite swing ‘feeling horrific’ in round two

Sports today

Новости тенниса

Касаткина вошла в десятку Чемпионской гонки WTA

Спорт в России и мире

ЦСКА обыграл «Балтику» и вышел в финал Пути РПЛ Кубка России

All sports news today

Sports in Russia today


Спецназовец столичного главка Росгвардии занял призовые места на Международных соревнованиях по универсальному бою

Новости России

Game News

It took almost 10 years, but REDkit modding tools are finally coming to The Witcher 3 and a test version on Steam is live now

Game News

Duskfall — RPG-игра в формате данжен-кроулера на Android

Губернаторы России

Выставка мультографики «Сны смешного человека» откроется в Пскове

На Крестовском путепроводе в Москве столкнулись несколько автомобилей

Установка посудомоечной машины в вашем районе Москвы и Московской области

Правительства и законодатели могут закрыть все фермы.

Почему ВИЧ называют провокацией глобалистов. История чумы ХХ века

Неприятности для Ивлеевой: блогеру светит уголовное дело за слова об армии

Вырезанный из советского эфира клип Пугачевой выложили в Сеть

Кто на Merlion придет, от него же сядет // Экс-глава группы компаний осужден за организацию преступного сообщества для ее рейдерского захвата

В петербургской филармонии хотят установить памятник Шостаковичу

Елена Рыбакина провела первую тренировку в Штутгарте. Видео

Появилось «закулисное» видео Елены Рыбакиной

Андреева победила Подороску на старте турнира WTA в Руане

Рыбакина: знаю, что меня поддерживают в России, но болельщиков из Казахстана намного больше

«Калмыкия стала точкой объединения народов всей страны»: в Элисте стартовал Первый Фестиваль национальных театров России

Установка стиральной машины в Московской области

Компания «Наносемантика» усовершенствовала обработку входящих вызовов КАПИТАЛ LIFE с помощью искусственного интеллекта

Шапки женские на Wildberries — скидки от 398 руб. (на новые оттенки)

Если ты не поступил в колледж или вуз

Женская команда ВК "Тамбов" стартовала с победы в финальном этапе Чемпионата России

Успех рейса рождается в цехе

Государству хотят передать часть отеля Four Seasons, где останавливался Такер Карлсон

Магнитная буря обрушилась на Землю

В Москве 47-летний мужчина и его жена заставляли девочку отправлять им откровенные снимки

НАПИ: год владения кроссовером "Москвич 3" обойдется в 330 тыс. рублей

Новосибирская область на третьем месте по России по объемам ввода многоквартирных домов

Путин в России и мире

Персональные новости
Guns N’ Roses

Менеджер Guns N’ Roses назвал Джонни Деппа «худшим гитаристом в своей жизни»

News Every Day

Danielle Serdachny scores OT goal to lift Canada to 6-5 win over US in women’s hockey world final

Friends of Today24

Музыкальные новости

Персональные новости