Sports Illustrated’s publisher lays off entire staff

The information, initially disclosed by Front Office Sports, emerged within a day of The Arena Group, the publisher, revealing a substantial reduction in its workforce, affecting 100 employees. Arena attributed the layoffs to extensive debt management and recent missed payments, describing the move as part of cost-cutting measures to implement a transformative shift towards a more streamlined business model.

According to Front Office Sports, Authentic Brands Group, the parent company of Sports Illustrated, has initiated efforts to revoke Arena's license for SI publication following Arena's failure to make a payment.

In a separate tweet, Richard Deitsch of The Athletic shared an email sent to workers, stating that staff associated with the Sports Illustrated brand were facing layoffs.

The union representing SI's staff released a statement on Twitter, revealing that it had been notified of Arena's intention to lay off a significant number, potentially all, of its union-represented staff. The union expressed concern about the challenging four-year period for Sports Illustrated under Arena Group's stewardship and called on Authentic Brands Group to ensure the continued publication of SI.

Authentic Brands confirmed terminating The Arena Group's license to publish Sports Illustrated due to the failure to pay the quarterly license fee. However, the company emphasized its commitment to the SI brand, expressing confidence in its continued evolution and growth to serve sports news readers, fans, and consumers.

Arena Group, in its statement, noted ongoing negotiations with Authentic and asserted its commitment to producing Sports Illustrated until the resolution of the negotiations.