Sports Illustrated owner The Arena Group ( NYSE: AREN ) saw its stock drop 20% on Wednesday following news that it intends to expand its lifestyle brands group.
Shares of Arena opened at $10.64, hitting a high of $10.77 in early trading before dropping in late morning. The stock hit a low of $8.22 in late afternoon, recently changing hands at $8.39, down 23%, at approximately 3:15 p.m. ET.
Earlier Wednesday, Arena said that it had hired Miles Stiverson for the newly created position of general manager for its lifestyle group, which is anchored by Parade.com. Stiverson is a former general manager for People.com and digital director for Travel + Leisure.
Arena said that Stiverson will be responsible for building out Parade.com’s entertainment, wellness, food, travel and other verticals. He will also be managing the group’s product launches, partnerships and acquisitions.
“The Arena Group will expand its portfolio of entertainment, home, health and wellness brands, collectively known as the Parade Lifestyle Group, with high-growth initiatives planned for 2022 and following rapid revenue and gross profit growth, validating its proprietary playbook and technology,” the company said in a statement announcing his hiring.
On Feb. 9, The Arena Group, formerly known at TheMaven, uplisted its shares to NYSE , conducted a 1-for-22 reverse stock split and held an initial public offering. The company owns a variety of media outlets, including TheStreet, which is a competitor of Seeking Alpha.
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The Arena Group stock drops 20% amid news its expanding lifestyle group