Minute Media, the digital-first content and technology platform, staked its claim in the business world by securing a deal with Authentic Brands Group to become the new publisher of Sports Illustrated (SI).
The deal, reportedly extending for a decade with potential provisions for it to lengthen to 30 years.
Looks like there is a glimmer of hope for Sports Illustrated's future after all. ⏬https://t.co/g5MikTe9GG
— Awful Announcing (@awfulannouncing) March 19, 2024
The transition of SI’s publisher from The Arena Group to Minute Media transpired after Authentic Brands Group seized the license from the former due to a missed payment.
The financial specifics of the agreement remain undisclosed, but it’s believed that Authentic Brands Group will acquire a stake in Minute Media.
This new publishing agreement arrives on the heels of The Arena Group’s mass layoff notices to SI employees due to its financial setback.
However, Minute Media CEO, Asaf Peled hinted that most laid-off employees might not be out of work for good, as the company plans to rehire some of the former staff.
“In the current era of digital, it’s still not trivial and quite difficult to build your own brand and get people to know and admire it,” “So once you get the opportunity to work with and grow an iconic brand like Sports Illustrated, you take it.”
The specific number of employees to be reinstated and what this implies for SI’s paramount figures remains uncertain.
Despite the mystery, it’s clear that Minute Media is aiming to keep the tradition of the magazine alive while potentially offering significant career lifelines.
Peled told The Times that he wants “to continue Sports Illustrated’s tradition of in-depth journalism,”
“It’s an exception to our core strategy,” he said of the deal. “But it’s not the first time we’ve done that.”
