Minute Media Rescues 70-Year-Old Sports Illustrated, Plans to Rebuild Team, Revitalize Brand
The iconic sports magazine Sports Illustrated is not closing down as previously feared. Following a tumultuous period marked by layoffs and managerial changes, a new chapter unfolds for the publication.
Authentic Brands Group, the owner of Sports Illustrated’s intellectual property rights, has announced a publishing deal that breathes new life into the revered brand.
Minute Media has stepped in as the new publisher. Minute Media is home to other complimentary sports and culture content brands, The Players’ Tribune, FanSided, 90min, and its most recent 2024 acquisition, STN Video, which has rights to premium highlights from every major sports league in North America for online video platform distribution.
Minute Media plans to retain much of the existing Sports Illustrated staff and intends to rehire some of those previously laid off by Arena Group Holdings, the former publisher.
Minute Media’s acquisition of the publishing rights to Sports Illustrated marks a pivotal moment for the iconic publication, which has weathered significant changes in recent years.
Initially founded in 1954 and part of the Time Inc. portfolio for decades, Sports Illustrated changed hands several times before landing under the ownership of Authentic Brands Group in 2019.
Authentic purchased Sports Illustrated from the Meredith Group in 2019 for $110 million.
Authentic will also acquire an equity stake in Minute Media as part of the deal.
In January, Sports Illustrated staffers learned of job cuts due to a missed $2.8-million payment by Arena Group Holdings Inc (NASDAQ:AREN) to Authentic Brands Group.
Authentic has terminated the licensing agreement that allows The Arena Group to publish Sports Illustrated, Front Office Sports reported, citing an email it obtained.
Photo via Sports Illustrated Flickr