Sports Illustrated publisher Arena jumps >20% after AI partnerships

Paradium.AI

03/02/2023 20:39

** Shares of Arena Group Holdings  AREN.N  up 14.0% at
$10.42 on Fri after co announces strategic partnerships with
artificial intelligence (AI) firms
    ** AREN jumps as much as 21.9% to $11.14; about 170k shares
have traded so far vs stock's 25-DMA volume of roughly 45k, per
Refinitiv
    ** Publisher of Sports Illustrated and other outlets says
its teaming with AI firms Jasper and Nota to speed, broaden
efforts in content workflows, video creation and newsletters
    ** “While AI will never replace journalism, reporting, or
crafting and editing a story, rapidly improving AI technologies
can create enterprise value for our brands and partners,” CEO
Ross Levinsohn said in statement
    ** Co also announced preliminary FY 2022 results and
reiterated FY 2023 rev guidance of $255-$270 mln and adj EBITDA
of $30-$35 mln
    ** BuzzFeed Inc's  BZFD.O  shares soared last week on report
co to tap ChatGPT owner OpenAI to help create content
    ** AI stocks have gained after Microsoft  MSFT.O  last month
announced multi-billion dollar investment in OpenAI
    ** With move on the session, AREN shares have rallied ~40%
from Jan low of $7.43
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))