Arena Group announces workforce reduction of over 100 employees

Arena Group announced a “significant reduction” in its workforce of over 100 employees. “The Company, which has substantial debt and recently missed payments, is completing these cost-cutting measures to initiate a transformative shift towards a streamlined business model,” Arena said in a statement. In parallel, the company said it is actively engaged in negotiations with Bridge Media Networks, a wholly owned subsidiary of Simplify Inventions. “The ongoing efforts aim to conclude the transaction in early 2024, including a substantial investment as part of the Bridge Media deal,” the company added. Jason Frankl of FTI Consulting, recently appointed as Chief Business Transformation Officer of Arena Group, commented, “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. While this week’s layoffs were regrettably necessary, I look forward to sharing detailed plans soon.”