Reason for termination! Seems it was deserved!
$The Arena Group(AREN.US$ Dont break your contract/word!!!
Arena Group Holdings lost the license to publish Sports Illustrated after the company missed a payment to its licensor.
Arena, which also publishes TheStreet and Men's Journal, said in a regulatory filing Friday that Sports Illustrated owner Authentic Brands Group had notified the company Thursday it was terminating its licensing agreement for the legacy sports magazine, effective immediately.
The terminated agreement comes after Arena missed a $3.75 million quarterly payment to ABG. Under the terms of the agreement, ABG has the right to end the deal if a payment is missed.
Arena disclosed the missed payment to ABG, as well as an interest payment on its debt held by Renew Group Private Limited.
Arena also must pay a fee of $45 million to ABG if the agreement is terminated, the company said Friday.![]()
Arena, which also publishes TheStreet and Men's Journal, said in a regulatory filing Friday that Sports Illustrated owner Authentic Brands Group had notified the company Thursday it was terminating its licensing agreement for the legacy sports magazine, effective immediately.
The terminated agreement comes after Arena missed a $3.75 million quarterly payment to ABG. Under the terms of the agreement, ABG has the right to end the deal if a payment is missed.
Arena disclosed the missed payment to ABG, as well as an interest payment on its debt held by Renew Group Private Limited.
Arena also must pay a fee of $45 million to ABG if the agreement is terminated, the company said Friday.
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I have just : Hope they fix it, indeed!
TrytosaveabitOP I have just: With the PR I just posted about sports illustrated? I don’t see it? Hope I’m wrong for the people’s sake! GL