SURFER Announces Partnership With 2024 Big Wave Challenge

Rhea-AI Summary

SURFER, owned by The Arena Group, partners with legendary big wave media pioneer Bill Sharp for the 2024 Big Wave Challenge, offering a $150,000 prize purse. The event celebrates big wave surfers and content creators, continuing the legacy of the XXL Big Wave Awards. Winners will be decided by judges and revealed in Portugal in October 2024.

Positive

• The partnership with Bill Sharp for the 2024 Big Wave Challenge brings prestige to SURFER.
• The event offers the largest prize purse in big-wave surfing today, totaling $150,000.
• The competition allows surfers worldwide to participate and showcase their rides on the biggest swells.
• Winners will be decided by an expert panel of judges and revealed at a gala award ceremony, adding excitement and recognition to the event.

Negative

• The press release lacks specific details on the format and criteria for judging the Big Wave Challenge, leaving room for ambiguity.
• The full impact of the partnership on SURFER's brand and audience engagement remains to be seen, making it uncertain how it will affect the company's financial performance.

Honoring the biggest waves, most spectacular rides and heaviest wipeouts, a reimagined Big Wave Challenge returns with the largest prize purse in big-wave surfing today

NEW YORK--(BUSINESS WIRE)-- The Arena Group, owner of SURFER, announced today its sponsorship of the 2024 Big Wave Challenge. Partnering with legendary big wave media pioneer Bill Sharp, co-producer of HBO’s 100 Foot Wave, the reinvigorated Big Wave Challenge will recognize and celebrate the accomplishments of the world’s best big wave surfers and content creators, awarding a total of $150,000 in prize money. The announcement aligns with the relaunch of SURFER and a special edition print magazine coming this summer.

SURFER Announces Partnership With 2024 Big Wave Challenge (Photo: Business Wire)

“The Big Wave Challenge carries on the legacy of recognizing the extraordinary performance and commitment levels of big wave surfers,” said Bill Sharp, creator of the Big Wave Challenge. “This year, with SURFER on board, we can take this event to the next level to celebrate these incredible athletes and inspire the next generation of big wave riders.”

The Big Wave Challenge is the successor to the XXL Big Wave Awards, which was founded by Sharp in 2000. The competition’s unique format allows surfers from across the globe to participate throughout the year by photographically capturing their rides on the biggest swells. Footage is aggregated and shared with fans around the world. Nominees are announced at the end of the season and winners will be decided by an expert panel of judges and revealed at a gala award ceremony in Nazare, Portugal, on October 19, 2024.

“The big wave frontier has inspired and fed the imagination of surfers forever, and with more than 25 years of experience honoring the best of big wave surfing in the modern era, the tradition continues and the future is now,” said Jake Howard, Editor-in-Chief of SURFER. “Sponsoring the Big Wave Challenge with Bill Sharp is a perfect fit for us as we honor these athletes pushing the limits of the sport in the most harrowing conditions.”

During the competition, SURFER will lean into highlighting the rides, surfers, content creators, water safety personnel and their stories as the digital platform will be the official online hub for the Big Wave Challenge. More exciting developments to come in the weeks and months ahead.

To learn more about the Big Wave Challenge and dive into the latest big wave videos and stories, visit www.SURFER.com.

About The Arena Group

The Arena Group (NYSE American: AREN) is an innovative technology platform and media company with a proven cutting-edge playbook that transforms media brands. Our unified technology platform empowers creators and publishers with tools to publish and monetize their content, while also leveraging quality journalism of anchor brands like TheStreet, Parade, Men’s Journal and Athlon Sports to build their businesses. The company aggregates content across a diverse portfolio of over 265 brands, reaching over 100 million users monthly. Visit us at thearenagroup.net and discover how we are revolutionizing the world of digital media.

Forward-Looking Statements

This press release includes statements that constitute forward-looking statements. Forward-looking statements may be identified by the use of words such as “forecast,” “guidance,” “plan,” “estimate,” “will,” “would,” “project,” “maintain,” “intend,” “expect,” “anticipate,” “prospect,” “strategy,” “future,” “likely,” “may,” “should,” “believe,” “continue,” “opportunity,” “potential,” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, and include, for example, statements related to the proposed strategic transaction with Simplify Inventions, including the Company’s ability to complete the transaction and the potential benefits thereof, the Company’s anticipated restructuring of its indebtedness, the Company’s anticipated future expenses and investments, business strategy and plans, expectations relating to its industry, market conditions and market trends and growth, market position and potential market opportunities, and objectives for future operations. These forward-looking statements are based on information available at the time the statements are made and/or management’s good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the ability of the Company to expand its verticals; the Company’s ability to grow its subscribers; the Company’s ability to grow its advertising revenue; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the effects of steps that the Company could take to reduce operating costs; the remaining effects of the COVID-19 pandemic and impact on the demand for the Company products; the inability of the Company to sustain profitable sales growth; circumstances or developments that may make the Company unable to implement or realize the anticipated benefits, or that may increase the costs, of its current and planned business initiatives; and those factors detailed by the Company in its public filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Important factors that could cause actual results relating to the pending transaction with Bridge Media Networks to differ materially from such plans, estimates or expectations include, among others: (1) that one or more closing conditions to the transactions, including certain regulatory approvals, may not be satisfied or waived, on a timely basis or otherwise, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the proposed transactions, may require conditions, limitations or restrictions in connection with such approvals or that the required approval by the stockholders of The Arena Group may not be obtained; (2) the risk that the proposed transactions may not be completed in the time frame expected by the parties, or at all; (3) unexpected costs, charges or expenses resulting from the proposed transactions; (4) uncertainty of the expected financial performance of the combined company following completion of the proposed transactions; (5) failure to realize the anticipated benefits of the proposed transactions, including as a result of delay in completing the proposed transactions or integrating Bridge Media Networks and The Arena Group; (6) the ability of the combined company to implement its business strategy; (7) difficulties and delays in achieving revenue and cost synergies of the combined company; (8) any inability to retain and hire key personnel; (9) the occurrence of any event that could give rise to termination of the proposed transactions; (10) potential litigation in connection with the proposed transactions or other settlements or investigations that may affect the timing or occurrence of the proposed transactions or result in significant costs of defense, indemnification and liability; (11) evolving legal, regulatory and tax regimes; (12) changes in economic, financial, political and regulatory conditions, in the United States and elsewhere, and other factors that contribute to uncertainty and volatility, including natural and man-made disasters, civil unrest, pandemics, geopolitical uncertainty and conditions that may result from legislative, regulatory, trade and policy changes associated with the current or subsequent U.S. administration; (13) the ability of Bridge Media Networks, The Arena Group and the combined company to successfully recover from a disaster or other business continuity problem due to a hurricane, flood, earthquake, terrorist attack, war, pandemic, security breach, cyber-attack, power loss, telecommunications failure or other natural or man-made event; (14) the impact of public health crises, such as pandemics and epidemics and any related company or governmental policies and actions to protect the health and safety of individuals or governmental policies or actions to maintain the functioning of national or global economies and markets; (15) actions by third parties, including government agencies; (16) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the transactions; (17) the risk that disruptions from the proposed transactions will harm Bridge Media Networks and The Arena Group, including current plans and operations; (18) certain restrictions during the pendency of the acquisition that may impact Bridge Media Networks’ or The Arena Group’s ability to pursue certain business opportunities or strategic transactions; (19) Bridge Media Networks’, The Arena Group’s and the combined company’s ability to meet expectations regarding the accounting and tax treatments of the proposed transactions; (20) delays in Bridge Media Networks attracting advertisers or executing its business growth strategy; (21) continued fragmentation of audiences and a reduction in the number of television subscribers; (22) decreases in advertising spending or advertising demand or the demand for Bridge Media Networks programming; (23) increased competition for programming, audiences and advertisers; (24) loss of Bridge Media Networks’ key affiliate customer, Agency 5; (25) changes in government regulations, licensing requirements, or FCC’s rules and regulations and the applicability of such rules and regulations to Bridge Media Networks; (26) failure to identify strategic acquisitions candidates or achieve the desired results of strategic acquisitions; (27) loss of material intellectual property rights of Bridge Media’s programming, technology, digital and other content; (28) labor disputes, increasing demand for creative talent and union activity; (29) loss of key employees or the inability to attract and retain skilled employees; (30) inability to or limitations on raising additional capital in the future. The foregoing list of factors is not exhaustive, and those factors detailed by the Company in its public filings with the SEC, including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Should one or more of these risks, uncertainties, or facts materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by the forward-looking statements contained herein. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Except as required under the federal securities laws and the rules and regulations of the SEC, we do not have any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240429407664/en/

Corporate & Media Relations:

Steve Janisse

404-574-9206

Steve.janisse@newsmakersmedia.com

Investor Relations:

Aren@fnkir.com

646.809.4048

Source: The Arena Group

FAQ

What is the total prize purse for the 2024 Big Wave Challenge?

The total prize purse for the 2024 Big Wave Challenge is $150,000.

Who is the co-producer of HBO's 100 Foot Wave partnering with SURFER for the event?

Legendary big wave media pioneer Bill Sharp, the co-producer of HBO's 100 Foot Wave, is partnering with SURFER for the 2024 Big Wave Challenge.

Where will the winners of the Big Wave Challenge be revealed?

The winners of the Big Wave Challenge will be revealed at a gala award ceremony in Nazare, Portugal, on October 19, 2024.

How can surfers participate in the Big Wave Challenge?

Surfers from across the globe can participate by photographically capturing their rides on the biggest swells throughout the year.

What is the successor to the XXL Big Wave Awards founded by Bill Sharp in 2000?

The Big Wave Challenge is the successor to the XXL Big Wave Awards founded by Bill Sharp in 2000.