Sports Illustrated will resume publishing after its owner reached a new rights deal with digital media company Minute Media, which will reportedly operate the magazine for at least 10 years.
Monday’s announcement comes nearly two months after owner Authentic Brands terminated its publishing deal with The Arena Group, which led to mass layoffs at the venerable sports magazine.
Minute Media, best known for its sports sites The Players’ Tribune and FanSided, said it reached a long-term partnership with Authentic Brands to “usher in the future of the [Sports Illustrated] brand.”
“Sports Illustrated is the gold standard for sports journalism and has been for nearly 70 years across both print and digital media. The weight and power of that distinction cannot be understated,” Minute Media founder and CEO Asaf Peled said in a statement.
“At Minute Media, our focus will be to take that legacy into new, emerging channels enhancing visibility, commercial viability and sustainable impact, all while ensuring that the [Sports Illustrated] team is inspired to flourish in this new era of media,” he said.
There are plans for the publication’s print edition to continue for at least a decade under its new ownership, according to The New York Times, which first broke the story.
WATCH | Sports Illustrated announced mass layoffs in January:
The owner of Sports Illustrated delivered layoff notices to most of its staff on Friday after nearly 70 years in operation. While it may not mean the end for sure, the future of the magazine is uncertain.At the time, Authentic vowed that the Sports Illustrated brand would continue in some capacity.
“We are confident that going forward, the brand will continue to evolve and grow in a way that serves sports news readers, sports fans and consumers,” the statement said.
As part of the deal, Authentic will also acquire an equity stake in Minute Media.
Source Agencies
