Sports Illustrated will remain in physical form after its parent company on Monday announced a new publisher for the famed sports magazine.
Authentic Brands Group (ABG) said that Israel's Minute Media had secured the publishing rights for Sports Illustrated. The magazine will stay under ABG's ownership, but Minute Media will take over responsibility for printing Sports Illustrated, Sports Illustrated Swimsuit and Sports Illustrated Kids. The deal is for 10 years with an option to extend for another 30 years, the New York Times reported.
The companies did not disclose financial terms of the deal.
Sports Illustrated was launched by Time Inc. owner and publisher Henry Luce in 1954. For decades, the weekly print publication was considered a benchmark for sports journalism, scooping up national magazine awards and influencing several generations of sportswriters.
Minute Media plans to build on Sports Illustrated's legacy by enhancing the publication's "visibility, commercial viability and sustainable impact, while ensuring that the SI team is inspired to flourish in this new era of media," founder and CEO Asaf Peled said in a statement.
Minute Media started back in 2011 as a small digital platform dedicated to soccer coverage. Over the years, the company has grown to over 500 employees, expanded its reach to New York and London, and acquired various sports news outlets. One notable acquisition was The Players' Tribune, a digital magazine founded by former baseball star Derek Jeter. Minute Media also holds ownership of The Big Lead and FanSided.
"Minute Media has shown that they are at the forefront of a new era in sports storytelling. We are thrilled about this partnership and the future of Sports Illustrated as a primary source for sports content," stated ABG Executive Vice Chairman Daniel Dienst.
The deal with Minute Media brings hope to the employees of Sports Illustrated, especially after the previous publisher, The Arena Group, laid off a significant portion of the staff in January. The magazine's unionized staff expressed their optimism about the transition to Minute Media.
"Our main goals have always been to preserve the legacy of Sports Illustrated, ensure its continuity, and protect our union jobs. We are eager to explore a future with Minute Media that aligns with these objectives," mentioned Emma Baccellieri, a staff writer for the magazine and vice chair of its union.
Having been a weekly publication for a long time, Sports Illustrated made the transition to a biweekly release in 2018 and then to a monthly format in 2020. The magazine was acquired by ABG from Meredith Corp. in 2019 for $110 million.
