Replying to Arena Group

Arena Group Holdings accepted the resignation of Manoj Bhargava as interim chief executive officer in a move to avoid conflicts of interest.

The media company, whose brands include Sports Illustrated , NEWSCHOOLERS, and TheStreet, said it accepted Bhargava's resignation on Thursday, the same day it engaged business advisory firm FTI Consulting to assist with the company's turnaround plans, according to a regulatory filing.


Jason Frankl, a senior managing director of FTI, was appointed Arena's chief business transformation officer in conjunction with the engagement between Arena and FTI.

Bhargava took over as interim CEO in early December after the company terminated the employment of then CEO Ross Levinsohn.

The executive shakeup comes days after the New York Post reported Arena was the target of a buyout from former Arena CEO James Heckman and crypto investor Brock Pierce.

The company stock is tanking, consulting email to FTI, sent.