The Arena Group will now be known as Maven, whose magazines include Sports Illustrated CEO and TheStreet. With the new moniker comes a renewed emphasis on the sports and financial sections of the company’s primary websites.
Levinsohn claims that The Arena Group has improved its technological prowess in addition to providing the material that people desire to see. The Arena Group learned how to make a lot of money with little effort by replicating its formula for success across all of its publications, including Sports Illustrated CEO and TheStreet. The team had to learn the hard way to zero in on the news, which was already making waves, but they have since developed a model for swarming articles.
Executives at The Arena Group have recently made a series of adjustments, including adding sites in certain niches to the company’s publishing and technology platform.
Levinsohn claims that Parade Media Group’s newspaper relationships will benefit the company’s sports and financial programming. Publicly available online at www.parade.com since 1941, the magazine is distributed in over 700 Sunday newspapers across the United States. According to the Parade magazine press kit, it has over 16 million copies printed and over 38 million monthly readers.
The Arena Group’s monthly unique visits increase to 121.9 million due to the $16 million cash and equity deal, solidifying the leisure vertical. After changing its name from TheMaven Inc. in 2021, The Arena Group successfully raised over $31 million in an IPO on the New York Stock Exchange (NYSE) on February 9, 2022.
Levinsohn is not coy about his strategy, which involves a severe pruning of businesses that do not fit into The Arena Group’s existing sports, lifestyle, and financial verticals. The ventures he oversees have a keen eye for well-known names in consumer goods.
The Arena Group positioned its sites for future expansion in other verticals, including podcasting, commerce, and gambling, by establishing high brand recognition in its three existing verticals. Regulatory filings reveal that advertising, print, and digital subscriptions, licensing, and syndication account for 95% of the company’s total revenue, with the remaining 5% coming from other sources.
Although The Arena Group has recently shifted its attention back to the sports and financial industries, the firm does not intend to keep this narrow focus for very long. It will instead turn its attention to the leisure sector in the future. If we were happy with just two verticals, Kraft continued, “we wouldn’t have put this bunch together.”