• by Ray Schultz , April 25, 2024

The Arena Group, the publishing company that has seen its share of tumult this year, has named Sara Silverstein as chief executive officer, effective immediately.

Silverstein joined Arena Group to manage TheStreet in 2021. During her tenure TheStreet saw a 500% increase in audience and a 300% rise in ad revenue, the company states. 

“Sara has led one of the fastest-growing, most innovative and profitable sectors within the Company,” says Cavitt Randall, CEO from February to the present, who will remain as chairman of the board. “We believe that her wealth of experience, strategic vision and deep understanding of our industry – coupled with her leadership style, passion for innovation and collaboration – will help guide our company through this transformative time.”

But Silverstein may have plenty to cope with.  

In February, Authentic Brands Group, which owns Sports Illustrated, revoked Arena Group’s license to publish SI after the latter had missed a $3.75 million payment. It announced it would lay off the entire staff.  

Former CEO Ross Levinsohn was let go last December, and has since filed a $40 million lawsuit, saying he was unjustly fired. Andrew Kraft, former president and chief operating officer, has also filed suit.  

In March, the Arena Group threatened to close the brand’s print product. But Minute Media was awarded publishing rights. 

Earlier this month, Authentic Brands Group filed a roughly $50 million lawsuit against the Arena Group, alleging that Arena Group’s majority owner, Manoj Bhargava, the founder of 5-hour Energy, acted “more like a gangster” than a trusted business owner. 

It will fall on Silverstein to pull things together.