The Arena Group (AREN), the New York technology-driven media company, closed the acquisition of AMG/Parade, the premium multimedia publisher of Parade magazine and other titles.
In the deal, The Arena Group paid $16.3 million, net of cash acquired, and common equity of the company.
The Arena Group said in a statement that it would fund the purchase from a completed underwritten public offering in the first quarter, which generated $31.5 million of net proceeds.
AMG/Parade develops and distributes content on digital, video, and print platforms. Besides Parade, the brands the company publishes include Relish, Spry Living, Athlon Sports, and Athlon Outdoors.
The acquisition brings The Arena Group's total unique visitors to 121.9 million, according to Comscore. The Arena Group ranks No. 34 in the U.S. property rankings, up from No. 74 a year ago.
Ross Levinsohn, chairman and chief executive of The Arena Group, said in the company statement that AMG/Parade's "storied brands and content garner incredible reach and will immediately create and anchor a new lifestyle arena for our business while reinforcing our status as a leading sports-content creator."
Parade.com has seen its audience grow 584% since 2018, with 44 of the past 48 months posting increases from a year earlier.
Parade's lifestyle brands join The Arena Group's lifestyle offerings, which include HubPages, Fashionista, and PetHelpful.
According to Comscore, The Arena Group's sports vertical, Sports Illustrated Media Group, in February more than tripled unique visitors from a year earlier to reach 86 million digital users. That was No. 4 in the sports category.
The Arena Group's finance vertical, TheStreet Finance Group, in February reached 17 million monthly unique visitors, up 249% from October 2021.
Under new editorial and subscription-product leadership, TheStreet in February grew monthly unique visitors 239% compared with November 2021.
