In a dramatic turn of events reminiscent of a nail-biting sports finish, Sports Illustrated will not be shutting down as previously feared. The iconic publication has found a new lease on life thanks to a deal brokered by Authentic Brands Group, which owns the magazine’s intellectual property rights.
Transition to New Leadership
Under the new arrangement, Minute Media, the parent company of sports platforms like The Players’ Tribune and FanSided, will take over both print and digital operations for Sports Illustrated. This transition aims to not only preserve the magazine’s legacy but also to revitalize its workforce. Minute Media has expressed a commitment to retaining most of the current staff and even rehiring some who were let go in recent months, according to reports from CNN.
A Tumultuous Start to the Year
The journey leading to this revival has been fraught with challenges. Earlier this year, the Arena Group, which had been publishing Sports Illustrated for the last five years, failed to pay the required licensing fees to Authentic Brands. This led to announcements of massive layoffs, leaving many employees uncertain about their futures. The situation worsened when allegations surfaced that the Arena Group had published articles generated by artificial intelligence, falsely attributing them to nonexistent reporters.
In the wake of these controversies, Arena Group’s CEO, Ross Levinsohn, along with three other executives, were dismissed from their positions, further muddying the waters for the magazine.
Commitment to Excellence
Asaf Peled, founder and CEO of Minute Media, spoke passionately about the importance of Sports Illustrated, stating, “It is the gold standard for sports journalism and has been for nearly 70 years across both print and digital media.” He emphasized that Minute Media’s mission is to honor this legacy while exploring new channels that enhance the magazine’s visibility and commercial viability.
In addition to the publishing transition, Authentic Brands Group will also acquire an equity stake in Minute Media, signaling a strong collaborative future ahead.
Looking Forward
As Sports Illustrated embarks on this new chapter, the sports journalism community watches closely, hopeful for a revival that honors its storied past while adapting to the demands of modern media.
