Sports Illustrated’s Uncertain Future: Massive Layoff Announcement

Sports Illustrated, a sports media outlet, is facing an uncertain future. The Arena Group, the publisher responsible for operating Sports Illustrated, recently announced plans to lay off a large part — or potentially all — of its staff. This decision comes on the heels of the revocation of the publisher’s license to use Sports Illustrated’s name for print and digital purposes.

Authentic Brands Group, the entity that retracted the marketing license, hasn’t provided any assurance about the future of the publication. The loss of the license forces The Arena Group to let go of employees currently working on the Sports Illustrated brand.

The magnitude of the layoffs is significant. In fact, it might include everyone represented by the NewsGuild union. The staff of Sports Illustrated have made collective efforts, through the union, to uphold the publication’s high standard and ensure fair treatment. These efforts aren’t ending anytime soon, despite the current development.

The union is urging Authentic Brands Group to facilitate the ongoing publication of Sports Illustrated, mirroring its impressive 70-year-long service to sports enthusiasts. To keep the brand alive, the union believes it is crucial for the magazine to continue reaching its audience as it has been.

The Arena Group attained publishing rights from Authentic Brands Group in 2019, which were supposed to last for a decade. The journey since then has been rife with obstacles. In one controversial move, the group fired Ross Levinsohn, the CEO, following public outrage over the rumored use of AI-generated articles.

Sports Illustrated’s recent history has been rocky. The magazine was purchased by Meredith Publishing in 2018 as part of the acquisition of Time Inc., which originally launched the magazine in 1954. A few months later, Meredith sold the intellectual assets of the magazine to Authentic Brands Group for $110 million.

Authentic Brands Group is a company with a vast portfolio of intellectual property assets, which also includes icons like Marilyn Monroe, Elvis Presley, Muhammad Ali, and Reebok.

The publication, which used to be a weekly journal, shifted to a biweekly schedule in 2018. It later became a monthly publication in 2020. These changes indicate a long-running struggle to maintain its position in the market. The current situation only clouds its future prospects, leaving fans and employees alike in a state of uncertainty.