Arena Group's Stock Plummets Over 30% After Losing Rights to Sports Illustrated, Laying off Staff
Sports Illustrated employees were notified the company is laying off 'possibly all' of its unionized staff
Shares of Arena Group Holdings Inc. dropped more than 30% on Friday after the ailing media company lost its license to publish Sports Illustrated and the union for the famed publication said "possibly all" union-member staff could be laid off as a result.
Arena's stock (AREN) closed Friday's trading down 33.6% at 84 cents per share. The stock is down more than 89% in the last 12 months.
Shares of Arena Group Holdings Inc. dropped more than 30% on Friday after the ailing media company lost its license to publish Sports Illustrated and the union for the famed publication said "possibly all" union-member staff could be laid off as a result.
Arena's stock (AREN) closed Friday's trading down 33.6% at 84 cents per share. The stock is down more than 89% in the last 12 months.
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