Certain Assets of Bridge Media Networks agreed to acquire The Arena Group Holdings, Inc. (NYSEAM:AREN) in a reverse merger transaction on August 14, 2023. As part of the transaction, The Arena Group will receive a $50 million cash investment, a five-year guaranteed advertising commitment of approximately $60 million from a group of consumer brands also owned by Simplify Inventions, LLC (the parent company of Bridge Media Networks), including 5-hour ENERGY®, and the Bridge Media Networks operations. As consideration, Simplify will receive $25 million of preferred stock at a 10% non-cash payment-in-kind coupon with a term of five years from the closing date, and common equity which will represent approximately 65% ownership of the combined company on a fully diluted basis based on $5 per share.

The existing assets of The Arena Group will be combined with the video programming, distribution, and production assets of Bridge Media Networks, including its two 24-hour networks, NEWSnet and Sports News Highlights, as well as the automotive and travel properties Driven and TravelHost , further expanding The Arena Group?s vertical business ecosystems. Simplify will have the right to appoint a majority of The Arena Group?s board of directors. The proposed transaction is subject to finalization of a definitive agreement, the completion of due diligence, approval by The Arena Group?s shareholders, the receipt of any required regulatory approvals, and certain other closing conditions. Closing is expected in the fourth quarter of 2023.