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.
Authentic Brands Group, the holding company that owns the 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 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.
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.
As part of the transaction, Authentic will also acquire a stake in Minute Media. Minute Media said it plans to rehire some of the employees who were laid off under Arena Group's management.
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 licensed the media and publishing rights for the SI brand to Maven, which 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. ”
