Sports Illustrated will continue to exist in physical form after its parent company announced a new publisher for the famous sports magazine on Monday.
Authentic Brands Group (ABG) announced that Israel's Minute Media has secured publishing rights to Sports Illustrated. The magazine will remain under ABG ownership, but Minute Media will take over printing responsibilities for Sports Illustrated, Sports Illustrated Swimsuits and Sports Illustrated Kids. The contract is for 10 years, with an option to extend for another 30 years, according to the New York Times.
The companies did not disclose financial terms of the deal.
Sports Illustrated was founded in 1954 by Time Inc. owner and publisher Henry Luce. For decades, this weekly publication has been considered the benchmark in sports journalism, winning national magazine awards and influencing generations of sportswriters.
Minute Media plans to further build on Sports Illustrated's legacy by strengthening Sports Illustrated's “recognition, commercial viability and sustainable impact.” “We will ensure that the SI team is inspired to thrive in this new era of media,” Founder and CEO Asaf Peled said in a statement.
Minute Media was launched in 2011 as a small digital publication focused on soccer coverage. But the company has since expanded to employ more than 500 people, established offices in New York and London, and acquired other sports news organizations. In 2019, Minute Media acquired The Players Tribune, a digital magazine founded by former baseball player Derek Jeter. Minute Media also owns The Big Lead and FanSided.
“Minute Media has successfully proven itself to be leading the way in a new era of sports storytelling,” said Daniel Dienst, ABG Executive Vice Chairman. “We are excited and optimistic about the future of Sports Illustrated as a brand.” In a statement.
The deal with Minute Media is likely due to previous publisher Arena Group. Most of the staff were laid off in January.. The magazine's union staff said in a statement Monday that they welcomed the changes to Minute Media.
“We have said from the beginning that our top priority was to keep Sports Illustrated, preserve the association's heritage and protect union jobs,” Emma Baccellieri, a staff writer for the magazine and vice president of the union, said in a statement. ” he said. . “We look forward to discussing the future with Minute Media who will make that happen.”
Long a weekly magazine, Sports Illustrated moved to a biweekly publishing schedule in 2018 and became a monthly publication in 2020. The publication was sold by Meredith Corporation to ABG in 2019 for $110 million.
