The print version of Sports Illustrated lives on.
Authentic Brands Group on Monday reportedly agreed to a deal with Minute Media, easing a deal with former publisher Arena Group, which had threatened to stop printing the iconic magazine if it didn’t get the license. It ended a month-long feud.
Minute Media, the New York-based digital sports media brand that owns The Players Tribune and Fanside, among others, will sell its stake to Authentic, owned by Jamie Salter, as part of a 10-year deal. According to the New York Times.
Minute Media CEO Asaf Peled assured fans of the magazine, which has set the standard for sports journalism since its inception in 1954, will continue to find it on newsstands.
“Even in today’s digital age, building your own brand and having people know about it and admire it is still not easy, it’s still very difficult,” Peled told the Times.
“So when you have the opportunity to work with and grow an iconic brand like Sports Illustrated, take it!”
Terms of the deal were not disclosed.
The deal between Minute Media, which acquired SI from Meredith for $110 million five years ago, and Authentic Brands includes an option to extend the deal for up to a total of 30 years, the Times reported. It is said that
Peled also told the Times that his company plans to expand SI’s coverage globally and rehire some of the staff that were slated to be laid off by Arena.
Minute Media will begin operating SI and its website this week, Peled said.
As The Post reported last week, Arena Group was stripped of its license in January after refusing to make quarterly payments of $3.75 million, but Authentic Brands is leaning toward giving the rights to a rival. The company threatened to discontinue the print edition.
Energy drink tycoon Manoj Bhargava, Arena’s largest shareholder, has asked to renegotiate the remaining three years of Salter’s original 10-year, $150 million contract.
“Jamie doesn’t respond well to threats,” a source close to the situation told The Post on Monday.
“Jamie probably doesn’t trust you. [Bhargava]. Manoj could come back in two years and break his contract again.”
Arena had been trying to sign a new contract while still publishing the magazine and SI website, but could face a $45 million termination fee.
