12:02 PM EDT, 06/11/2024 (MT Newswires) -- Arena Group Holdings ( AREN ) said Tuesday that it filed a lawsuit against Authentic Brands Group, which holds the rights to Sports Illustrated, with the federal court in the Southern District of New York.

In its lawsuit, Arena alleged that Authentic Brands Group, or ABG, worked with new licensee Minute Media to pull off a "multi-step corporate heist" targeting Arena's proprietary code technology and trade secrets related to its platform. Arena also accused ABG of enlisting the help of investment firms BlackRock ( BLK ) and CVC Capital Partners.

Arena said it is seeking $200 million in damages from the defendants.

Authentic Brands Group, Minute Media, BlackRock ( BLK ) and CVC Capital did not immediately respond to MT Newswires' request for comment.

Price: 0.82, Change: -0.06, Percent Change: -7.05