Group Black to buy majority stake in Sports Illustrated publisher - WSJ

Paradium.AI

26/06/2023 22:48

June 26 (Reuters) - Group Black is in talks to buy a
majority stake in Arena Group Holdings Inc  AREN.A , the
publisher of Sports Illustrated magazine, the Wall Street
Journal reported on Monday, citing people familiar with the
matter. 
    The discussions with Arena, which also houses publications
such as TheStreet, Parade, and Men's Journal, are in continuing
efforts by Group Black to forge fresh deals that allows the
media company to sell its advertising space, the report added. 
    Shares of Arena Group, which has a market capitalization of
$90.42 million per Refinitiv data, surged nearly 8% to $4.43 in
extended trading following the report.
    While the discussions are ongoing, the companies might not
struck a deal, the report said. The WSJ did not report on the
deal value.  
    Group Black and the Arena Group did not respond to Reuters
requests for comments.
    

    

 (Reporting by Granth Vanaik in Bengaluru; Editing by Shweta
Agarwal)
 ((Granth.Vanaik@thomsonreuters.com; Twitter: https://twitter.com/Vanaik_Granth;))