The publisher of Sports Illustrated and dozens of other magazines is reportedly negotiating to sell a majority stake in the company to Group Black, an African American-owned investment firm, according to a report.
Arena Group, whose portfolio of publications includes Men’s Journal, Parade Media, and TheStreet, is in talks with Group Black, whose media and entertainment holdings include Essence, Afropunk, AfrolandTV, and Crater,Group Black, which was founded in 2021 by African American entrepreneurs Travis Montaque, Richelieu Dennis and Bonin Bough, bills itself as a “collective” devoted to “build[ing] solutions that accelerate inclusive spending by brands.
The company secured a commitment from WPP, the ad-buying giant, to spend $75 million of its client ad budgets with media entities under Group Black’s umbrella. Earlier this month, Group Black said it struck a deal with NBCUniversal parent company Comcast to sell ads in shows on Peacock, the streaming service.
Arena Group, the company licensed to publish Sports Illustrated, is reportedly in talks to sell a majority stake.Group Black was also among the companies that was rumored to have interestis seen as a move to expand ad inventory that can be sold to marketers eager to reach minority audiences.Group Black, whose media and entertainment holdings include Essence, Afropunk, AfrolandTV, and Crater, is said to be negotiating a purchase of a majority stake of Arena Group.