Kevin O’Leary: “I’m an ambassador for the American Dream”
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Minute Media strikes deal to publish Sports Illustrated
Minute Media, a sports-focused digital media publisher, has reached a 10-year licensing deal for digital and print rights to publish Sports Illustrated.
Why it matters: The deal puts an end to a tumultuous two months that had left the fate of the venerated sports outlet up in the air.
Zoom in: Financial terms were not disclosed but Sports Illustrated’s owner Authentic Brands Group will take a stake in Minute Media, per a press release Monday.
- Minute Media obtaining print rights signals a desire to maintain’s SI’s print edition.
- The deal is for 10 years and could be extended to 30 years, which would take the magazine through its centenary, Axios has confirmed.
- The deal is a significant move for Minute Media, which is best known for owning websites including The Players Tribune, FanSided, and 90min.
Catch up quick: The Arena Group, a publicly traded digital holding company, acquired the rights to publish Sports Illustrated from Authentic Brands Group in 2019.
- Those rights became available in January after the Arena Group failed to pay Authentic. Most of Sports Illustrated’s unionized staff were laid off following the announcement.
- The union representing SI’s editorial workers filed an unfair labor practice charge against the Arena Group, accusing the company of “discharging employees because of their support of the union, engagement in union activities and engagement in other protected activities.”
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