Sports Illustrated publisher Arena jumps on reported buyout offer

Paradium.AI

04/01/2024 12:40

** Shares of Arena Group Holdings  AREN.N  up 17.7% at $2.46
before the bell following report of new takeover offer
    ** James Heckman, former Arena CEO, and crypto mogul Brock
Pierce teaming up to seize control of the embattled publication,
the New York Post reported late Weds, citing a source familiar
with the situation
    ** Heckman and Pierce offered $4.50/sh for 45% stake, the
Post reported
    ** New buyout offer comes as Manoj Bhargava, 5-Hour Energy
Drink founder, seeks to complete acquisition of majority stake
in Arena
    ** Last month, Bhargava was named interim CEO of Arena after
co terminated Ross Levinsohn
    ** Along with Sports Illustrated, Arena owns a broad range
of publications including TheStreet, Parade, Men’s Journal,
HubPages, FanNation and PetHelpful
    ** Arena's shares shed ~78% in 2023

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))