Arena Group's stock plummets over 30% after losing rights to Sports Illustrated, laying off staff

Shares of Arena Group Holdings Inc. dropped more than 30% on Friday after the ailing media company lost its license to publish Sports Illustrated and the union for the famed publication said “possibly all” union-member staff could be laid off as a result.Arena’s stock AREN, -33.61% closed Friday’s trading down 33.6% at 84 cents per share. The stock is down more than 89% in the last 12 months. Arena had overseen Sports Illustrated’s publication via an arrangement with the entertainment and brand-management c ...