• by Ray Schultz , August 5, 2024

The Arena Group, the company that managed Sports Illustrated during a controversial tenure, is closing two streaming networks: NewsNet and SportsNewsHighlights, resulting in the loss of 80 jobs. 

Majority owner Manoj Bhargava announced the closings on Friday, according to Crain’s Business Detroit as reported by Awful Announcing. 

The report could not be independently verified at deadline. 

The networks were ad-supported and free to viewers. 

Bhargava and the company have had a tumultuous year. 

In March, Sports Illustrated owner Authentic Brands Group assigned the license to produce the magazine to Minute Media, removing it from The Arena Group. 

Authentic Brands Group sued The Arena Group in April for roughly $45 million, alleging that Bhargava acted “more like a gangster” than a trusted business partner. 

The Arena Group responded with a $200 million suit against Authentic Brands Group, stating, “Arena is just the latest licensee to fall victim to ABG’s extensive and public history of strip-mining its license partners, imposing steep guaranteed royalties and termination fees that award ABG a windfall, and plunging its contractual counterparties into near-insolvency before abandoning them for new targets.”

The Arena Group laid off almost the entire staff of SI after its license to produce the magazine was suspended. It had missed a $3.75 million payment. 

The company also owns such brands TheStreet, Parade, Men’s Journal and Athlon Sports.

Bhargava is also the founder of 5-Hour Energy.