Ex-Sports Illustrated CEO sues 5-hour Energy founder

Metro Detroit billionaire businessman Manoj Bhargava faces a lawsuit tied to his ongoing takeover bid of the former publisher of Sports Illustrated magazine.The lawsuit, filed last week in California in a Los Angeles County court, is brought by Ross Levinsohn, a veteran media executive and the former CEO of Arena Group Inc., a New York City-based publishing company for which Bhargava has been mounting a takeover bid since summer.Bhargava is best known as the founder of the 5-hour Energy drink brand and runs myriad companies out of an office park he owns in Farmington Hills. He is named as a defendant in the lawsuit along with Arena Group — which up until January had published Sports Illustrated under a licensing deal from owner Authentic Brands — along with several other people connected to Bhargava.The 60-plus-page lawsuit accuses Bhargava of being “a wolf in sheep’s clothing,” presenting himself as a “like-minded investor” in Arena Group but engaging in “illegal misconduct, overt self dealing, and systematic destruction of shareholder value.”Bhargava spokesman Steve Janisse declined to comment Wednesday, citing pending litigation, while a spokesperson for Arena Group did not respond to a request for comment.News of Levinsohn’s lawsuit was first reported Monday by Business Insider."Ross Levinsohn, like so many others, gave his full energy and devotion to the company in the belief that his contractual rights would be respected," Bryan Freedman, a Los Angeles-based... Continue reading at 'Crains New York'

[ Crains New York | 2024-03-28 20:07:35 UTC ]

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Penguin Random House amends its copyright rules to protect authors from AI

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[ Engadget | 2024-10-18 21:04:36 UTC ]
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Blizzard co-founder Mike Morhaime is making a tabletop RPG party game

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Jeff Koons just uploaded his entire catalog of art to the internet for the first time

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Nine CEO Mike Sneesby quits after months of pressure over allegations of toxic culture

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Sara Domville's Salty Days Debuts with 'Our American Dream Cookbook'

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Colin Kaepernick Launches AI-Based Self-Publishing Platform

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Ex-Sports Illustrated CEO sues 5-hour Energy founder

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[ Engadget | 2024-03-18 15:25:19 UTC ]
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US judge blocks $2.2bn Penguin Random House merger

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Court Blocks Penguin Random House, S&S Merger

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IPG to offer Skills Hub to Singapore publishers

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Mirror owner warns over Brexit as it makes £200m writedown

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Facebook signs licensing deal with Warner Music

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