Sports Illustrated, the renowned sports magazine, is facing a bleak future following the announcement of mass layoffs by The Arena Group, its publisher. The iconic publication, which has been a fixture in sports journalism since 1954, is grappling with a significant reduction in its workforce of over 100 journalists.
The layoffs were announced after The Arena Group admitted its failure to make a $3.75 million quarterly licensing payment to Authentic Brands Group. In response to this financial challenge, the company revealed on Thursday that it would be making a “significant reduction” in its staff. This decision was communicated to SI’s unionized workers in a memo on Friday, stating that some employees would be terminated immediately.
The Arena Group is currently in discussions with Authentic Brands about regaining the license for Sports Illustrated. Once a weekly publication, SI saw its frequency reduced to biweekly in 2018 and eventually became a monthly magazine in 2020. Despite the revocation of the publishing license, an Arena spokesman stated that they would continue to produce Sports Illustrated until the issue is resolved.
The spokesman also expressed hope that either The Arena Group or another entity would carry forward the legacy of Sports Illustrated. The magazine’s website showed signs of activity, suggesting that a skeleton crew might still be employed.
Sports Illustrated has been known for its in-depth coverage of major sporting events and its famous Swimsuit Edition, which launched the careers of several supermodels. The 2024 Swimsuit Edition has already been completed and is set for spring release.
The future stewardship of Sports Illustrated remains uncertain, with Authentic Brands stating that the magazine “will continue.” Several companies, including Vox, Essence, Penske Media, and former NBA star-turned-executive Junior Bridgeman, have reportedly shown interest in a licensing deal for SI.
As the magazine navigates through these turbulent times, its union members have called on Authentic Brands to ensure the continued publication of Sports Illustrated. Mitch Goldich, NFL editor and unit chair of the union, emphasized the union’s commitment to maintaining the standard of the publication and fair treatment of its workers.
Sports Illustrated’s journey from a Time Inc. property to being acquired by Meredith and subsequently sold to Authentic Brands for $110 million illustrates the evolving media landscape. The magazine’s influence in sports journalism, marked by its iconic covers and legendary writers, has left an indelible mark on the industry.
The announcement of layoffs at Sports Illustrated marks a turning point for the magazine, raising questions about the future of sports journalism and the challenges faced by traditional media outlets in a rapidly changing digital age.