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.