Arena Group Holdings, the publisher of Sports Illustrated and TheStreet, has been grappling with substantial debt and a missed payment, leading to the decision to cut over 100 employees. In addition to addressing these financial difficulties, the company is actively negotiating a potential merger with Bridge Media Networks. The expected timeline for finalizing the deal is early 2024.
This month, Arena Group Holdings disclosed that it failed to make a quarterly payment to Authentic Brands Group, the owner of Sports Illustrated. Furthermore, it also missed an interest payment of $2.8 million owed to Renew Group Private Limited. These financial struggles have prompted the company to seek assistance from FTI Consulting, with Jason Frankl assuming the role of chief business transformation officer.
Frankl expressed his commitment to crafting a growth-oriented media company that prioritizes financial stability and nurtures the beloved brands associated with Arena Group Holdings. Although the recent layoffs were an unfortunate necessity, he promises to outline detailed plans in the near future.
Overall, Arena Group Holdings is taking assertive measures to address its challenges and pave the way for a brighter future.
