Sports Illustrated gets new life, publishing deal takes effect immediately

2024-12-25 13:29:41 source:lotradecoin affiliate program details category:Finance

Sports Illustrated is getting a new publisher, a new operating arrangement and is potentially rehiring some of the staff members it laid off en masse in January.

Minute Media, the company that owns sports websites The Players' Tribune and Fansided, has reached a 10-year licensing agreement with Authentic Brands Group, and will continue publishing the iconic magazine founded in 1954.

"In the current era of digital, it’s still not trivial and quite difficult to build your own brand and get people to know and admire it," Asaf Peled, the chief executive of Minute Media, said in an interview with the New York Times. "So once you get the opportunity to work with and grow an iconic brand like Sports Illustrated, you take it."

Authentic Brands acquired Sports Illustrated in 2019 and had a licensing agreement with The Arena Group to publish its content in print and online. However, that deal was terminated after Arena missed a nearly $4 million payment early this year.

Shortly afterward, the company sent out an email to staff announcing a round of massive layoffs, which threatened to end publication of Sports Illustrated's print edition.

Instead, Peled told the Times his company plans to expand the magazine's global publishing operations and hire back some of the employees who were laid off.

The companies declined to disclose financial terms but said the deal takes effect immediately.

More:Finance

Recommend

Chiquis comes from Latin pop royalty. How the regional Mexican star found her own crown

Diamonds are made under pressure, and Chiquis is ready to sparkle.The Mexican American singer-songwr

Wisconsin judge reaffirms July ruling that state law permits consensual abortions

MADISON, Wis. (AP) — A Wisconsin judge on Tuesday reaffirmed her ruling from earlier this year that

Paraguay rounds up ex-military leaders in arms smuggling sting carried out with Brazil

BUENOS AIRES, Argentina (AP) — Several former top military officials in Paraguay have been arrested