Minute Media, the sports media company that owns The Players' Tribune, acquired publishing rights to Sports Illustrated two months after a financial crisis at SI's former publishing partner led to mass layoffs.
ABG previously licensed the publishing rights to Sports Illustrated to a company called Arena Group, but ABG canceled the license in January after Arena Group failed to make a recent $3.75 million payment. Arena Group has decided to implement large-scale layoffs. Publication.
New York-based Minute Media announced that it plans to continue publishing the print version of Sports Illustrated, but Arena Group told employees that it would cease publication in May of this year and that Arena・It was announced that some of the employees who were fired under the group's management would be rehired.
Authentic Brands Group, the holding company that owns the nearly 70-year-old Sports Illustrated brand, has entered into a long-term partnership with Minute Media for the publishing rights to the legendary sports brand across digital and print platforms. Announced. Minute Media's other sports and culture brands include The Players' Tribune, originally founded by Derek Jeter, FanSided, 90min, and its latest acquisition, his STN Video. STN Video has the rights to premium highlights from all major North American sports leagues for online video platforms. distribution.
Financial terms of the deal were not disclosed. As part of the transaction, Authentic will acquire a stake in Minute Media. Minute Media's Sports Illustrated publishing license is valid for 10 years, with the company having an option to extend it for another 20 years.
Sports Illustrated's publishing portfolio includes Sports Illustrated, Sports Illustrated Swimsuit, and Sports Illustrated Kids. Minute Media will oversee all digital and print editorial operations across the SI portfolio.
“Sports Illustrated is the gold standard in sports journalism, and has been for nearly 70 years in both print and digital media. The weight and power of that distinction cannot be underestimated,” said Minute Media. Founder and CEO Asaf Peled said. “At Minute Media, we are ensuring that the SI team inspires success in a new era of media, while taking that heritage into new and emerging channels to strengthen visibility, commercial viability and sustainable impact. We focus on doing that.”
In 2019, Authentic Brands Group acquired Sports Illustrated from Meredith for $110 million (after Meredith acquired Time Inc. and before Meredith was acquired by IAC's Dotdash). When ABG acquired his SI, he laid off over 30% of the publisher's staff. ABG agreed to license the media and publishing rights for the SI brand to Maven and pay $45 million for SI rights in addition to annual payments. Maven changed its name to Arena Group in 2021.
Daniel W. Dienst, ABG's executive vice president of tactical operations, said in a statement: As Minute Media leads his SI brand in a rapidly evolving media landscape, his priority at Authentic is to protect the integrity and longevity of its journalism. Minute Media has successfully proven itself to be 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. It's a target. ”
