5-Hour Energy billionaire Manoj Bhargava sued by the owner of Sports Illustrated for $49 million after a tumultuous takeover [Business Insider]
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Source: Business Insider
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
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