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☆ 5-Hour Energy billionaire Manoj Bhargava sued by the owner of Sports Illustrated for $49 million after a tumultuous takeover
▼ + stars: | 2024-04-01 | by ( Jack Newsham | ) www.businessinsider.com time to read: +5 min

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. "ABG does not comment on pending litigation," a spokesperson for Authentic Brand Groups said. AdvertisementBhargava and Arena Group also declined to comment.

Persons: Manoj Bhargava, Bhargava, —, ABG, Ross Levinsohn, steamroll, Rob Barrett, Ron Wyden, Brooks, Derek Jeter Organizations: Sports Illustrated, Group, Energy, Authentic Brands, Service, Illustrated, Arena Group, Sports, Authentic, Arena, NCAA, Brand Groups, Reebok, Brooks Brothers, Media, Players ' Tribune, SI.com Locations: Michigan, Swiss

☆ The ex-CEO of former Sports Illustrated publisher Arena Group is suing his old firm for $20 million, claiming he was fired for trying to stop it from breaking the law
▼ + stars: | 2024-03-25 | by ( Jack Newsham | ) www.businessinsider.com time to read: +3 min

Ross Levinsohn ran the Arena Group, which published Sports Illustrated, and was fired by its new owner. Related storiesThe Arena Group, which until recently published SI and still owns brands like Men's Journal and Parade, was on the path to profitability, Levinsohn claimed. (Arena Group faced harsh criticism over its use of AI-generated content under Levinsohn's leadership.) AdvertisementA spokesman for Bhargava and the Arena Group, Steve Janisse, said he couldn't immediately comment. BI's previous coverage of Bhargava and Arena Group was based on interviews and documents.

Persons: Ross Levinsohn, Manoj Bhargava's, Levinsohn, hasn't, —, Manoj Bhargava, Bhargava, Cavitt Randall, Steve Janisse, couldn't, Randall, Chris Fowler Organizations: Group, Service, Arena Group, Sports, Energy, SI, Sports Illustrated, Men's

☆ How the billionaire creator of 5-Hour Energy's erratic takeover led to a fumble of Sports Illustrated
▼ + stars: | 2024-03-17 | by ( Jack Newsham | Jake Swearingen | ) www.businessinsider.com time to read: +12 min

A week earlier, he had become a large minority shareholder at The Arena Group, but had no official title. The company Bhargava claimed to be taking over was so poorly run that he questioned the intelligence of those in the meeting. He also said Bhargava was talking about his charitable endeavors in order to underscore his priorities to Arena Group employees. Media, Bhargava said in the meeting, was "biased." Days later, Bhargava sacked Arena Group CEO Ross Levinsohn, too, causing Levinsohn to angrily resign from the board.

Persons: —, Manoj Bhargava, Bhargava, Zoom, I'm, Steve Janisse, Vince Bodiford, Bodiford, Ross Levinsohn, Levinsohn, Rob Barrett, doesn't, ABG, Jamie Salter, Forbes, Janisse, Nielsen, Arena's, Riley, toh, Manoj, there's Organizations: Service, Arena Group, Energy, The, Business, Sports, Media, Arena, Authentic Brands, Washington Post, Princeton, IRS, United, United States Tax, Bridge Media, Sports Illustrated, Hans Foundation, International, Group, toh e New York Times, New York, Players ' Tribune, Office, BI Locations: NewsNet, India, United States, Michigan, toh e

CLEVELAND (AP) — The Kelce brothers showed up for their own giveaway. Cleveland-born Travis and Jason Kelce were both in attendance Tuesday night as the Cavaliers paid tribute to the NFL stars with a souvenir bobblehead depicting them in Cavs jerseys and holding basketballs. During the first timeout in the opening quarter, the Cavs presented Jason, who retired from the Philadelphia Eagles on Monday after 13 seasons, with a framed No. In typical Jason Kelce form, he wore a sleeveless T-shirt and was enjoying a beer when play resumed. Swift, who began dating Travis Kelce during this past season, had a good excuse for not being present.

Persons: Taylor Swift, Travis, Jason Kelce, Jason, Jason's, Travis Kelce, Swift, ___ Organizations: CLEVELAND, Cavaliers, NFL, Rocket Mortgage, Philadelphia Eagles, Cleveland Heights High School, Kansas City Chiefs, Pro Bowl Locations: Cleveland, Cleveland's, She's, Singapore

It's Taylor Swift's world, and she just allows us to live in it. “Midnights” earned Swift her fourth career Grammy for album of the year on Sunday, an achievement no one can match. It breaks a tie with Frank Sinatra, Paul Simon and Stevie Wonder, who each won the honor three times. Swift was the last example of an action-packed show where women earned the biggest honors and had the majority of the most memorable performances. There was a brief pause before SZA accepted an award for best R&B song, since she was changing backstage.

Persons: It's Taylor, Midnights ”, Swift, Frank Sinatra, Paul Simon, Stevie Wonder, ”, Miley Cyrus, Billie Eilish's, “ Barbie, Finneas O'Connell, Singer, Victoria Monét, Julien Baker, Phoebe Bridgers, Lucy Dacus, didn't, —, Tracy Chapman, Luke Combs, Combs, She's, MILEY, Cyrus, “, ” JAY, Jay, ” Jay, Beyoncé, ” JONI'S, Joni Mitchell's, Brandi Carlile, Mitchell, Chapman, Tony Bennett, Bennett, Bennett's, ” Annie Lennox, Sinead O'Connor, Prince's accompanists, Barrino, Mary ”, Tina Turner, Billy Joel's, capper, SZA, ” Monét, Lizzo, She, I'm, TREVOR, Trevor Noah, Noah, That's, Lionel Richie, Lionel Wealthy, Jo Koy Organizations: CBS, Dre, “, Las Vegas, Universal, Golden Globes

☆ Mass layoffs hit Sports Illustrated staff
▼ + stars: | 2024-01-19 | by ( Rob Wile | ) www.cnbc.com time to read: +2 min

The publisher of Sports Illustrated is laying off much of the storied magazine's entire staff. The news, first reported by Front Office Sports, came less than 24 hours after publisher The Arena Group announced "a significant reduction in its workforce," comprising 100 employees. According to FOS, Sports Illustrated's parent company, Authentic Brands Group, has sought to revoke Arena's license to publish SI after Arena missed a payment. The union representing SI's staff said in a tweeted statement that it had been notified of Arena's intention to "lay off a significant number, possibly all" of its union-represented staff. "This is another difficult day in what has been a difficult four years for Sports Illustrated under Arena Group (previously The Maven) stewardship," the union said in a statement.

Persons: Richard Deitsch, Long, Ross Levinsohn, Manoj Bhargava, Bhargava Organizations: Sports Illustrated, Front Office Sports, Arena, Authentic Brands, The, Arena Group, SI, Authentic Brands Group, NBC News, Time Inc, Meredith Corp, Better Homes, Gardens, Sports, Innovations Ventures, Men's, Sports Illustrated Resorts Locations: Dominican Republic

☆ Twins keep one eye on October entering set with White Sox
▼ + stars: | 2023-09-14 | by ( Field Level Media | ) www.reuters.com time to read: +3 min

Minnesota can clinch its season series with the White Sox with a victory on Thursday. Season-long struggles for the White Sox, who harbored division title aspirations of their own in 2023, have translated to sparse crowds down the stretch. Pitcher Mike Clevinger believes the White Sox must stay ahead of any potential sulking by sharpening their mental approach. The White Sox must finish at least 7-9 to avoid 100 defeats. Urena lost his White Sox debut on Saturday after allowing one run and four hits in four innings at Detroit.

Persons: Rocco Baldelli, Randy Arozarena's, Dallas Keuchel, Mike Clevinger, it's, Jose Urena, Urena, Kenta Maeda, Maeda Organizations: American League Central, Minnesota Twins, Chicago White Sox, Twins, Tampa, Rays, Kansas City Royals, The Royals, White Sox, Chicago, Triple, Detroit, New York Mets, Thomson Locations: Minnesota, Chicago, Minneapolis

☆ Orioles, Rays begin AL East showdown series
▼ + stars: | 2023-09-14 | by ( Field Level Media | ) www.reuters.com time to read: +3 min

September 14 - The Tampa Bay Rays visit the Baltimore Orioles for a four-game series beginning Thursday with first place in the American League East on the line. The Orioles have won six of the first nine meetings between the teams, including two of three at home. Baltimore needs just one win in the upcoming series to clinch the season series and a tiebreaker advantage. "Everyone knows it's a big series," Rays reliever Robert Stephenson said. Orioles right-hander Kyle Bradish (11-6, 3.03 ERA) will oppose Rays right-hander Aaron Civale (7-3, 2.96) in the series opener.

Persons: Brandon Hyde, We've, Robert Stephenson, we've, Stephenson, Randy Arozarena's, Randy, Kevin Cash, Louis, Drew Rom, Jack Flaherty, Baltimore's Gunnar Henderson, Ryan Helsley, Aaron Hicks, Ryan Mountcastle, Ryan, Hyde, Kyle Bradish, Aaron Civale, Bradish, Civale Organizations: Tampa Bay Rays, Baltimore Orioles, American League East, Tampa Bay, Louis Cardinals, Rays, Minnesota Twins, Orioles, Twins, Cardinals, Baltimore, Cleveland Guardians, Seattle Mariners, Thomson Locations: Baltimore, Minneapolis, Tampa, Tampa Bay

☆ MLB roundup: Mets post 8-run inning, whip Nats in Max Scherzer's return
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +12 min

For seven innings, the game was a pitchers' duel between Cleveland rookie Tanner Bibee and the Angels' Patrick Sandoval. Zach Elfin (5-1) got the win after allowing four runs on seven hits in his six innings, striking out nine and walking one. Royals starter Jordan Lyles (0-7) was tagged for seven runs in 2 1/3 innings, allowing four hits and three walks. The loss overshadowed another strong outing by Giants starter Logan Webb, who allowed one run on three hits over seven innings. Boston's Corey Kluber (2-5) surrendered four runs on seven hits in five innings.

Some Chinatown residents benefited from the development boom, selling properties to developers or drawing more customers from increased foot traffic. Some residents have shown tentative support for the luxury buildings, saying they might make the neighborhood safer or bring in wealthier Asian residents who could boost Chinatown's economy. Manhattan Chinatown's housing stock is "really aged," which has led to costly fires, according to Thomas Yu, executive director of Asian Americans for Equality. Chinatowns and the pandemicMany debates surrounding luxury development and affordable housing were accelerated by the pandemic, which shuttered hundreds of businesses across Chinatowns. However, business owners who spoke with CNBC said Chinatown's businesses, though still recovering, are keeping the city's culture alive.

☆ Singapore's Sea Group turns profitable for the first time
▼ + stars: | 2023-03-08 | by ( Sheila Chiang | ) www.cnbc.com time to read: +5 min

Sea Limited's e-commerce arm, Shopee, turned positive adjusted EBITDA for the first time in the fourth quarter of 2022. The group also posted its first-ever positive net income in the quarter. The chairman and group CEO of Sea Limited, said on Tuesday that 2022 was "another year of evolution for us." Shopee and SeaMoneyMeanwhile, e-commerce business Shopee and digital payments arm SeaMoney continued to see strong growth in 2022. Positive EBITDA, or earnings before interest, taxes, depreciation and amortization, refers to the company operating at a profitable level.

☆ Arizona's terrible NHL team is begging voters for $200 million to build a permanent home, but stadiums are consistently huge money pits
▼ + stars: | 2023-02-04 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +8 min

Arizona's terrible NHL team is stuck using a college arena for its games as it awaits a public vote. This May, voters will decide the future of a $2.1 billion plan that includes the Coyotes' new arena. The NHL's Arizona Coyotes are for the moment stuck in an arena that is three times smaller than any other in the league. The professional team might need the facility for a few more years, but they can't even emblazon their own logo on center ice. The city also paid $50 million to the NHL to keep the team in the city while the franchise navigated bankruptcy.

☆ What next for Stadium 974, the World Cup's first 'fully-demountable' arena?
▼ + stars: | 2022-12-10 | by ( Rohith Nair | ) www.reuters.com time to read: +3 min

Expensive World Cup stadiums have often proven to be white elephants for the host country but the temporary arena that is Stadium 974, unveiled in November last year, has done its job and its prefabricated pieces will soon be dismantled. Described as the "first fully-demountable tournament venue" in World Cup history, the arena will also host a fashion show on Dec. 16 - two days before the final - with several music artists set to perform. METAL ARENAStadium 974 is the first stadium fans arriving in Qatar see when they land at the airport and travel into central Doha. The 44,089-capacity stadium is named after the number of containers of various bright colours used to build the arena, while 974 is also Qatar's international dialling code. Stadium 974 is also the only one of eight World Cup arenas in Qatar without air conditioning, which meant all seven games it hosted could only be played after sunset.

☆ Shopee, the Amazon of Southeast Asia, has been on a layoff spree within a year of raising $6 billion. We dug into the financials for an inside look.
▼ + stars: | 2022-09-26 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +8 min

Today, Li is the billionaire CEO of NYSE-listed Sea Limited, which owns 100% of Shopee as well a gaming unit called Garena. Amid these growing losses, Sea Limited revised and then dropped its ecommerce revenue guidance for the year. In the fourth quarter of 2021, Shopee expected ecommerce revenue in 2022 to fall between $8.9 billion and $9.1 billion. Sea Limited posted revenues of $414 million in 2017, which ballooned to almost $10 billion in 2021. However, Sea Limited has been posting losses for the past few quarters, so that option is not viable in the short-term.

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