Mass layoffs hit Sports Illustrated after publisher loses license: NPR
Publisher L Sports Illustrated It plans to lay off most – perhaps all – of its journalists, after failing to pay licensing fees to the magazine’s parent company.
Authentic Brands Group, which owns the magazine, said in a statement that it had terminated the licensing agreement concluded with The Arena Group, the magazine’s publisher, for publishing. sports Illustrated, But she remained committed to continuing to publish the 70-year-old magazine.
“We are confident that the brand will continue to evolve and grow in a way that serves sports news readers, sports fans and consumers,” she added in the statement.
Authentic said it closed the deal on Thursday “As a result of the Company’s failure to pay its quarterly licensing fees despite being given notice of the violation and an opportunity to cure the violation.”
Arena Group said in a statement that although its publishing license has been cancelled, it is in talks with Authentic and will continue production. Sports Illustrated “Until this is resolved.”
Union representing 82 Sports Illustrated The magazine’s employees, or about 80% of the magazine’s total staff, said in a statement on Friday that all employees represented by the union are at risk of being laid off.
“This is another difficult day in four difficult years for Sports Illustrated under Arena Group (formerly The Maven),” Al-Ittihad said. He said in a statement.
News of the layoffs comes one day after publisher The Arena Group announced a “significant reduction” in its 100-employee workforce, citing “significant debt” and missed payments.
Front Office Sports, which was first to report news of the mass layoffs, said the company recently defaulted on a $2.8 million payment to Authentic.
Sports Illustrated It made headlines in November when reports surfaced with accusations that it published AI-generated stories under the names and photos of fake journalists.
It’s the latest major newspaper publication to face staff cuts, falling on the same day as staff Los Angeles Times They stage a strike to protest planned layoffs. Earlier this week, Condé Nast announced that it would reduce its headcount at Pitchfork as part of a restructuring that will transform the music site into… GQ magazine.