Mass Layoffs May Prove Death Knell for Sports Illustrated [Forbes]
The Arena Group Holdings, Inc. (AREN)
Company Research
Source: Forbes
The sports media world was rocked Thursday by the news that Sports Illustrated, embroiled in controversy since it was bought in 2019 by Authentic Brands Group, will lay off the majority of its workforce in what many see as the publication's death knell. How the terminations happened is the latest in a series of ongoing embarrassments for Sports Illustrated since its brand was licensed to the Arena Group soon after its $110 million purchase from Meredith Corp. An announcement came at 1:30 p.m. stating Arena was making “ a significant reduction in its workforce of over 100 employees" after the company missed a quarterly payment to ABG on its $15 million annual fee for the rights to publish Sports Illustrated in print and online. That missed payment resulted in a revocation of its license to convey content under the SI brand Sports Illustrated reporters and editors were informed on a Friday Zoom that brand and online content would continue while the issue was resolved, according t
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AREN
News
- SURFER Announces New Editor-in-Chief, Special Edition Print MagazineBusiness Wire
- The Arena Group Appoints Sara Silverstein as Chief Executive Officer [Yahoo! Finance]Yahoo! Finance
- The Arena Group Appoints Sara Silverstein as Chief Executive OfficerBusiness Wire
- Ex-COO of Sports Illustrated Publisher Sues for $2 Million Pay [Financial Post (Toronto, Ontario, Canada)]Financial Post
- Ex-COO of Sports Illustrated Publisher Sues for $2 Million Pay [BNN Bloomberg (Canada)]BNN Bloomberg
AREN
Earnings
- 11/14/23 - Miss
AREN
Sec Filings
- 4/25/24 - Form 425
- 4/25/24 - Form 8-K
- 4/1/24 - Form 10-K
- AREN's page on the SEC website