(NewsNation) — Sports Illustrated announced a new publishing deal with digital media company Minute Media, capping off a tumultuous couple months that appeared to signal the end of the iconic sports magazine.
Authentic Brands Group, which owns the intellectual property rights to Sports Illustrated, said it struck a 10-year deal with Minute Media with an option to extend for up to 30 years total, according to the New York Times.
In January, The Arena Group, which had published Sports Illustrated since 2019, stopped paying Authentic its licensing fee for publishing rights. In return, Authentic pulled Arena’s license to publish the magazine, prompting turmoil.
In the following months, widespread layoffs and an AI scandal threw the outlet’s future into jeopardy.
“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. At Minute Media, our focus will be to take that legacy into new, emerging channels enhancing visibility, commercial viability and sustainable impact,” said Asaf Peled, founder and CEO of Minute Media.
The deal is a significant expansion for Minute Media, a New York-based company founded in 2011 whose holdings include the sports websites The Players’ Tribune and Fansided, which generate more than $400 million in revenue annually.
Sources say Minute Media will work to retain most of the Sports Illustrated staff. Peled told the Times it also plans to rehire some of the staffers previously laid off by Arena and expand the magazine’s publishing operations worldwide.
