Ex-Sports Illustrated publisher, crypto mogul Brock Pierce want control of magazine: source
NY Post
A controversial ex-publisher of Sports Illustrated is teaming up with crypto mogul Brock Pierce to seize control of the embattled publication, The Post has learned.
James Heckman — who as CEO of Arena Group scooped up the iconic magazine title in 2019, only to exit a year later following layoffs that engulfed a slew of star writers — has offered roughly $4.50 a share for a 45% stake in Arena, according to a source close to the situation.
The battered stock closed at $2.09 on Wednesday.
Heckman’s bid is backed by Pierce — the child actor of “Mighty Ducks” fame who has since become a deep-pocketed crypto investor — and who is now Arena’s second-largest shareholder, sources close to the situation said.
Pierce bought $17 million worth of convertible stock in The Arena Group between 2020 and 2021 through his investment firm Warlock Partners. He is currently suing Arena for not letting him sell his stock in a timely manner, as The Post previously reported.
Heckman didn’t respond to multiple requests for comment. Pierce declined to comment. An Arena spokeswoman declined to comment.
