The next chapter in Sports Illustrated’s saga will be written by management at Minute Media, which recently acquired the digital and print licensing rights to continue publishing the storied magazine.
The tie-up will run for up to 10 years with an option to extend for 20 more, according to The New York Times, which first reported the news. Financial terms have not been announced.
Minute Media—which publishes The Players’ Tribune, FanSided, 90min and Mental Floss—recently raised a round of funding that reportedly valued the company at more than $1 billion. It also recently acquired highlights distributor STN Video. Four years ago, Minute Media took over FanSided from previous SI owner Meredith Corp. in a similar attempt to capitalize on a potentially undervalued property. Minute Media has focused on short-form, multimedia content, though it intends to honor SI’s legacy strategy of in-depth coverage as well, including its print edition. It will also take over editorial operations for Sports Illustrated Swimsuit and Sports Illustrated Kids.
“Sports Illustrated is the gold standard for sports journalism and has been for nearly 70 years across both print and digital media,” Minute Media CEO Asaf Peled said in a statement. “The weight and power of that distinction cannot be understated. At Minute Media, our focus will be to take that legacy into new, emerging channels enhancing visibility, commercial viability and sustainable impact, all while ensuring that the SI team is inspired to flourish in this new era of media.”
As part of the agreement, Sports Illustrated owner Authentic Brands Group is also acquiring an equity stake in Minute Media.
Monday’s news follows two months of extreme uncertainty over SI’s future, dating back to Authentic pulling the license from previous publisher The Arena Group in the wake of a missed quarterly payment of nearly $4 million at the beginning of the year. Arena responded by laying off SI staff members—some immediately and some possibly after a pending 90-day period. Recently, Arena claimed that the 70-year-old brand’s final print issue would run in May.
Authentic, meanwhile, has continued to leverage the SI brand and archive across verticals spanning from events and resorts to youth sporting events and nutritional products. For instance, “SI The Party” ahead of this year’s Super Bowl in Las Vegas featured Kim Kardashian and the Chainsmokers. The company also still has its eyes on the sports betting category, even after a separate licensing deal with 888 was recently terminated.
“In Minute Media we have found a partner that will honor SI’s lauded legacy and exceed fan expectations for the future,” Daniel W. Dienst, Authentic’s executive vice chairman for tactical operations, said in a statement. “As Minute Media shepherds the SI brand across a rapidly evolving media landscape, our priority at Authentic is—and has always been—to protect its journalistic integrity and longevity. Minute Media has successfully proven that they are leading the way in a new era of sports storytelling, and we are excited and optimistic about this partnership and the future of Sports Illustrated as the preeminent lens into sport.”
(This story has been updated in the third paragraph to clarify that Minute Media will also take over operations for SI Swimsuit and SI Kids.)
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