From Dow Jones & Company:

Interim CEO Manoj Bhargava resigns from Arena Group Holdings Inc., the media company behind Sports Illustrated and TheStreet, due to potential conflicts of interest. As the company struggles with finances and missed payments, shares plummet 27.9% after hours and 17% at trading session close, with a 74.4% decline over the past year. Arena seeks aid from FTI Consulting to revitalise the company, appointing Jason Frankl as Chief Business Transformation Officer. Bhargava resigns to avoid potential conflicts with pending or potential deals, while discussing debt restructuring with Renew Group Private Limited. Additionally, the company has failed to make a quarterly payment to Authentic Brands Group. Disputed AI-generated content and layoffs at Sports Illustrated have put further strain on the company. CEO Ross Levinsohn was previously fired, and an effort to take over the sports publication has emerged, led by former publisher James Heckman, supported by Brock Pierce.



Read more: Interim CEO of Sports Illustrated parent Arena Group steps down, shares tumble