{"id":128992,"date":"2020-12-08T21:44:22","date_gmt":"2020-12-08T18:44:22","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/sports-illustrated-publisher-facing-board-revolt\/"},"modified":"2020-12-08T21:44:22","modified_gmt":"2020-12-08T18:44:22","slug":"sports-illustrated-publisher-facing-board-revolt","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/sports-illustrated-publisher-facing-board-revolt\/","title":{"rendered":"#Sports Illustrated publisher facing board revolt"},"content":{"rendered":"

“#Sports Illustrated publisher facing board revolt<\/strong>”
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The thinly traded public company that publishes Sports Illustrated and owns theStreet.com is facing a shareholder revolt as its stock continues to trade under $1 despite its recent push to run major media<\/a> assets.<\/p>\n

Two large shareholders filed preliminary proxy documents with the Securities and Exchange Commission last week to oust five of seven directors of The Maven, including chairman John Fichthorn, president Josh Jacobs and directors Rinku Sen, Peter Mills and David Bailey. <\/p>\n

The revolt \u2014 led by boutique bank B. Riley and investment management company 180 Degree Capital \u2014 is aimed at putting in place a new board that better \u201creflects the \u2018new\u2019 Maven,\u201d the documents say. <\/p>\n

The Maven, previously known for running websites for media companies like Maxim and the History Channel, cut a deal last year to publish Sports Illustrated after Authentic Brands Group purchased the iconic magazine brand from Meredith for $110 million. A few months later it closed a deal to buy TheStreet.com, co-founded by Jim Cramer, for $16.5 million in cash with financial assistance from B. Riley. <\/p>\n

\u201cThese acquisitions, largely financed by B. Riley and 180, have redefined the Company and its prospects,\u201d the two shareholders said <\/a>in a Nov. 30 press release before launching their proxy fight. <\/p>\n

The shareholders need a majority of Maven shareholders to join them to overhaul the board. The Montclair, NJ-based 180 Degree owns an 8.8 percent stake in The Maven while the Los Angeles based B. Riley owns a 5 percent stake. <\/p>\n

The board members under attack joined the company under former CEO James Heckman, who was replaced earlier this year amid controversy over major staff cuts at SI and the company\u2019s hosting of a Blue Lives Matter website\u00a0on its ad platform following the killing of George Floyd.\u00a0 <\/p>\n

Heckman remains involved with the company, working on acquisitions.<\/p>\n

Levinsohn and Todd Sims, the current president of B. Riley Ventures, are also on the board. <\/p>\n

The company has not filed financial disclosure documents in nearly three years and has therefore not held an annual meeting for over two years, which is why the shareholders have to mail proxy materials to shareholders to remove the board members.<\/p>\n

Although Maven is a public company, it has been unable to trade on a public exchange due to its lack of financial statements. <\/p>\n

Fitchhorn was recently removed from heading B. Riley Alternatives, a division of B. Riley Financial Corp., after he app<\/a>arently resisted the call for the immediate resignation of himself and the other board members last month. He had been appointed chairman of The Maven two years ago as the company was buying small distressed assets including the Hub and Say Media with the backing of B. Riley. As of Nov. 30 this year, he was no longer an employee of B. Riley Alternatives, according to the SEC filing.<\/p>\n

Jacobs, a past executive at Yahoo and Omnicon who once headed the now-defunct Glam Media, also came aboard in 2018.\n <\/p><\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Sports Illustrated publisher facing board revolt” The thinly traded public company that publishes Sports Illustrated and owns theStreet.com is facing a shareholder revolt as its stock continues to trade under $1 despite its recent push to run major media assets. Two large shareholders filed preliminary proxy documents with the Securities and Exchange Commission last week…<\/p>\n","protected":false},"author":1,"featured_media":128993,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2020\/12\/si-swimsuit-cover-1.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[83002,4934,4935,5084,73972],"class_list":["post-128992","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-12-8-20","tag-magazines","tag-media-ink","tag-publishing","tag-sports-illustrated"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/128992","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=128992"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/128992\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/128993"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=128992"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=128992"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=128992"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}