By Ben Glickman
Arena Group Holdings will cut more than 100 employees as it grapples with substantial debt and a missed payment.
The publisher of Sports Illustrated and TheStreet said on Thursday it was actively negotiating with Bridge Media Networks, with which the company is looking to merge, in parallel with the job cuts. Arena said it is looking to close the deal with Bridge Media in early 2024.
Arena said earlier this month that it had missed a quarterly payment to Authentic Brands Group, the owner of Sports Illustrated, and missed an interest payment of $2.8 million to Renew Group Private Limited.
The company also engaged FTI Consulting to help with its turnaround and appointed Jason Frankl, a senior managing director of FTI, as chief business transformation officer.
“My immediate focus is to collaboratively design a growth-oriented media company, ensuring the financial stability necessary to cultivate and grow the brands we cherish,” Frankl said in a statement Thursday. “While this week’s layoffs were regrettably necessary, I look forward to sharing detailed plans soon.”
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