Rather than acquiring SI, Minute Media will license the publishing rights from SI's owner, Authentic Brands Group, a brand-owning company that owns the intellectual property of celebrities such as Elvis and Shaquille O'Neal. get. Minute Media will now decide the fate of approximately 80 staff members as it charts the future path of SI. A Minute Media spokesperson said the company plans to meet with SI executives in the coming weeks to determine which staff will be offered employment at Minute Media.
Dan Dienst, Authentic's executive vice chairman of tactical operations, said in a statement: As Minute Media leads the SI brand in a rapidly evolving media landscape, our priority at Authentic is to protect the integrity and longevity of its journalism. ”
A new publisher could help stabilize SI after months of turmoil, multiple staffers told The Post. In January, Arena Group failed to make a scheduled payment to Authentic for part of the license fee it paid to publish SI. Authentic responded by revoking its publishing license, and Arena issued termination notices to all unionized staff. Their last day was scheduled for the end of April.
Authentic has spent the past few months negotiating a new publishing license while its staff await its fate. CEO Jamie Salter told the Post last month that the company was considering four proposals, including continuing to work with Arena. But that became increasingly untenable as Authentic's relationship with Manoj Bhargava, Arena's largest shareholder and founder of 5-Hour Energy, deteriorated. Arena executives have crushed articles in the paper about transgender boxing policy and recently threatened to end publication of the magazine in print, a threat that was quickly reversed.
“From the beginning, we have said that keeping Sports Illustrated, preserving the institution's traditions and protecting union jobs is our top priority. We look forward to discussing our future with the media,” Emma Baccellieri, SI staff writer and SI Union vice chair, said in a statement published by NewsGuild.
Sports Illustrated Editor-in-Chief Steve Cannella sent an email to staff Monday morning. “I know you all have a lot of questions and I wish I had something to share with you right now,” he wrote, adding: “I am confident that I will have the opportunity to meet with the Minute Media team as soon as possible.”
The license agreement is for 10 years with an option for an additional 20 years. This includes the rights to publish Sports Illustrated in print and online, Sports Illustrated Swimsuit, and Sports Illustrated Kids. As part of the transaction, Authentic will also acquire a stake in Minute Media.
The New York Times first reported the agreement.
