Sports Illustrated Publishing Rights Secured by Minute Media, After Mass Layoffs Under Previous Partner
18.03.2024 - 14:37
/ variety.com
Todd Spangler NY Digital Editor Minute Media, the sports media company that owns The Players’ Tribune, landed the publishing rights to Sports Illustrated — coming two months after a financial crisis at SI’s former publishing partner led to mass layoffs. ABG had previously licensed the rights to publish Sports Illustrated the magazine to a company called Arena Group — but after the Arena Group missed a recent $3.75 million payment, in January, ABG revoked the license, leading the Arena Group to institute major job cuts at the publication.
New York-based Minute Media said it plans to continue publishing a print edition of Sports Illustrated, which Arena Group had told staffers would cease this May, and hire back some of the employees who were laid off under Arena Group’s stewardship. Authentic Brands Group, the holding company that owns the nearly 70-year-old Sports Illustrated brand, announced a long-term partnership with Minute Media for publishing rights to the legendary sports brand across digital and print platforms.
Minute Media’s other sports and culture content brands are The Players’ Tribune, originally founded by Derek Jeter, FanSided, 90min and its most recent acquisition, STN Video, which has rights to premium highlights from every major sports league in North America for online video platform distribution. Financial terms of the deal weren’t disclosed.
As part of the deal, Authentic will acquire an equity stake in Minute Media. Minute Media’s publishing license for Sports Illustrated will run 10 years, and the company has an option up it for an additional 20 years.
Sports Illustrated’s publishing portfolio includes Sports Illustrated, Sports Illustrated Swimsuit and Sports Illustrated Kids. Minute Media will
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