Minute Media Rescues 70-Year-Old Sports Illustrated, Plans to Rebuild Team, Revitalize Brand
Portfolio Pulse from Vandana Singh
Sports Illustrated, a 70-year-old iconic sports magazine, has been saved from closure by Minute Media, which has become its new publisher. Authentic Brands Group, the owner of Sports Illustrated's intellectual property rights, announced the deal, which includes Minute Media's plan to retain and rehire some staff. The magazine has faced challenges, including layoffs and managerial changes, but this deal marks a pivotal moment for its future. Authentic Brands Group will also acquire an equity stake in Minute Media as part of the agreement. Arena Group Holdings Inc (NASDAQ:AREN) previously missed a $2.8-million payment to Authentic Brands Group, leading to job cuts and the termination of their licensing agreement.

March 20, 2024 | 2:01 pm
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Arena Group Holdings Inc (NASDAQ:AREN) missed a $2.8-million payment to Authentic Brands Group, leading to job cuts and the termination of their licensing agreement to publish Sports Illustrated.
The missed payment and subsequent termination of the licensing agreement for Sports Illustrated publication rights directly impact Arena Group Holdings Inc's (AREN) business operations and could negatively affect its stock price in the short term due to the loss of a significant publishing asset and the negative publicity surrounding the missed payment.
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