Brianna Paciorka/News Sentinel via Imagn Content Services, LLC
In the next chapter, sports illustratedThe story is written by the management team of Minute Media, which recently acquired the rights to the digital and print licenses to continue publishing this famous magazine.
The partnership will last up to 10 years, with an option to extend for another 20 years, officials said. new york times, first reported this news. Financial terms were not announced.
Minute Media, which publishes The Players' Tribune, FanSided, 90min, and Mental Floss, recently raised a funding round that reportedly valued the company at more than $1 billion. The highlight distribution company also recently acquired STN Video. Four years ago, Minute Media took over from the former FanSided. S.I. Owner Meredith Corp. is making a similar attempt to take advantage of potentially undervalued real estate. Minute Media focuses on short-form multimedia content, and we intend to honor that. S.I.Detailed coverage, including print editions, is a traditional strategy.
“Sports Illustrated has been the gold standard in sports journalism for nearly 70 years in both print and digital media,” Asaf Peled, CEO of Minute Media, said in a statement. Ta. “The weight and power of that honor cannot be understated. At Minute Media, we are taking that legacy to new and emerging channels to ensure recognition, recognition, and success while ensuring that the SI team inspires us to succeed in a new era of media.” We will focus on strengthening commercial viability, sustainable impact.”
As part of the deal, Authentic Brands Group, owner of Sports Illustrated, will also acquire a stake in Minute Media.
Monday's news comes after Authentic pulled its license from its former publisher, The Arena Group, after missing nearly $4 million in quarterly payments earlier this year. The situation remained extremely uncertain throughout the month. Arena is responding by laying off SI staff, some with immediate effect and some after a 90-day hold period. Arena recently claimed that the 70-year-old brand's last printed issue will be published in May.
Meanwhile, Authentic continues to leverage the SI brand and archive in everything from events and resorts to youth sporting events and nutritional products. For example, Kim Kardashian and the Chainsmokers were featured on SI The Party, which took place ahead of this year's Super Bowl in Las Vegas. The company is also still eyeing the sports betting category after another licensing deal with 888 recently ended.
“In Minute Media, we have found a partner who respects SI's celebrated heritage and exceeds our fans' expectations for the future,” said Daniel W. Dienst, Executive Vice President of Tactical Operations at Authentic. said in a statement. “As Minute Media leads the SI brand in a rapidly evolving media landscape, our priority at Authentic is, and always has been, to protect the integrity and longevity of our journalism. Media has successfully proven that it is leading the way in a new era of sports storytelling, and we are excited and optimistic about this partnership and the future of Sports Illustrated as the preeminent lens into sports. is.”
