Arena Group receives $12M investment from shareholder Simplify Inventions

Arena Group’s largest shareholder, Simplify Inventions, is increasing its investment in the company by providing an additional $12M in equity at an 85% premium over yesterday’s closing stock price. This is intended to help sustain the company during its transformation. This new $12M investment will raise Simplify’s equity stake to 54.5% of The Arena Group. The Arena Group continues to work with Authentic Brands Group, the licensor of Sports Illustrated, to negotiate a new publishing license. There is an unresolved claim of $45M against The Arena Group by Authentic. The Arena Group will continue to publish the print and digital editions of Sports Illustrated until this issue is resolved. The proposed merger between Bridge Media Networks and The Arena Group would form a new company, The Arena Group Holdings.