Manoj Bhargava’s Bridge Media Networks has announced a series of media acquisitions including stakes in Audacy and Cumulus Media.
Bhargava, the founder of 5-hour Energy drink, purchased 829,618 shares (equivalent to 5.15%) of Cumulus Media in July through Renew Group Private Ltd. He also acquired $60 million of first-lien Term B debt of Audacy.
Those radio stakes join Bridge Media Networks’ announced merger with The Arena Group Holdings, Inc. that will give it a 66% stake in the company that owns brands including Sports Illustrated, TheStreet, Parade Media, and Men’s Journal. His IV Media LLC will purchase iMedia Brands that is the parent company to the Shop HQ home shopping network and a video advertising platform.
Bridge Media Networks owns the television networks NEWSnet and Sports News Highlights along with 50 mostly low power television stations and digital properties Driven and TravelHost.
Manoj Bhargava, the founder of 5-hour ENERGY®, announced after market trading today that he is expanding his media interests by creating a significant media holdings portfolio with stakes in print and online media, television and radio broadcast, production and distribution, and digital advertising delivery:
- Majority ownership of The Arena Group, Inc. (Sports Illustrated, Parade magazine, Men’s Journal, The Street, HubPages, Surfer, and more)
- Two national TV networks distributed over-the-air, streaming, and cable: (SportsNews Highlights and NEWSnet… news as it used to be)
- 50 over-the-air television station ownership, plus over 50 independent affiliates and dozens of streaming and cable outlets
- Acquisition of the parent of ShopHQ TV
- Major stakes in the #2 and #3 radio broadcasters: Audacy, Inc (was CBS radio), and Cumulus Media
- Acquisition of iMedia Digital Services, or iMDS – programmatic and OTT, software services.
Merging television broadcast network with The Arena Group:
Via Simplify Inventions LLC and its subsidiaries, IV Media LLC and Bridge Media Networks LLC, he has signed a binding LOI to combine its broadcast networks with The Arena Group Holdings, Inc. a technology platform and media company home to more than 265 brands, including Sports Illustrated, TheStreet, Parade Media (“Parade”) and Men’s Journal. At closing, the company will own a roughly two-thirds majority stake in the combined company.
Acquistion of iMedia Brands:
IV Media LLC acquiring iMedia Brands, and its flagship property, Shop HQ TV, via a successful bid for the company. This includes iMedia Digital Services, or iMDS a global video advertising platform that monetizes over 200-million monthly users for its online publishers, MVPDs and ISPs by utilizing its proprietary technologies and interactive websites to drive engagement, traffic, conversion and revenue for its publishers. Float Left, iMedia’s end-to-end OTT technology partner, is now part of iMDS.
Major stake in radio broadcast:
As reported upon July 21, 2023 SEC Form 13G/D, via the Renew Group Private Ltd., has acquired 829,618 shares (or 5.15%) of Cumulus Media, Inc stock, the nations third-largest radio broadcaster, becoming one of the largest investors in the company, which includes 403 owned-and-operated radio stations across 85 markets, and they deliver nationally-syndicated sports, news, talk, and entertainment programming.
Adding to the radio portfolio is $60-million of first-lien Term B debt (about 10% Entercom Media debt) of the nations second-largest radio broadcaster (formerly branded CBS Radio), Audacy, Inc. a leading multi-platform audio content and entertainment company with the country’s best collection of local music, news and sports brands, a premium podcast creator, major event producer, and digital innovator. Audacy engages 200 million consumers each month.
Bridge Media Networks, owns and operates two 24/7 national headline news and sports networks (through OTA, MVPD, and cable outlets), NEWSnet and Sports News Highlights as well as the automotive and travel properties Driven and TravelHost. Bridge News, LLC also owns and operates 50 TV stations nationally, with an additional over 50 independent broadcast affiliates nationally.
Altogether, these investments create a portfolio of companies and services that is now an end-to-end media ecosystem of production, distribution, and advertising delivery solutions globally.
