June 27th 2023.
Group Black, a Black media company, is looking to purchase a majority stake in the publisher of a well-known sports magazine. According to The Wall Street Journal, the media company is in talks with Arena Group Holdings Inc. for the rights to publish Sports Illustrated. This would make Group Black the owner of the publisher, despite Authentic Brands Group owning Sports Illustrated. Arena Group Holdings Inc. has a licensing agreement that grants it the rights to publish Sports Illustrated for 100 years, as reported by The New York Post.
Neither Group Black nor Arena Group Holdings Inc. made any public comments on the matter. However, the news of the possible deal caused the shares in Arena Group Holdings Inc. to rise significantly. Market Watch reported that on June 26, 2023, their shares closed 12.3% higher at $4.11. The following day, Market Watch showed their shares open at $5.10. According to their newsroom, Arena Group Holdings Inc. is a digital-media publisher with more than 240 brands. Some of the most notable titles published by the group include Parade, The Spun, and Men's Journal.
Founded in 2021, Group Black is the brainchild of three Black entrepreneurs, Travis Montaque, Richelieu Dennis, and Bonin Bougha. The collective initially set out to invest in Black media firms and grow them. Today, Group Black consists of more than 150 Black-owned media brands, including Essence, The Shade Room, AfroPunk, and Blacklove.com.
Group Black has also made bids for other media companies, such as the $400 million offer they put in for Vice Media. Vice Media is an independent youth media company focused on underrepresented groups and women. On top of that, the group has secured deals with major entities like Procter & Gamble and Peacock.
Sports Illustrated is an iconic magazine, whose annual Swimsuit Issue is known for its first-rate sports journalism. With Group Black looking to buy a majority stake in the publisher, this could be the start of the magazine entering a new era.
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