Sports Illustrated is struggling with a “significant” reduction in its workforce after its parent company’s publishing license was revoked.
The crisis emerged when The Arena Group, which has operated Sports Illustrated since acquiring publishing rights to the iconic sports magazine from The Authentic Brand Group in 2019, failed to meet its quarterly license fee.
A call was made by the Sports Illustrated union for ABG to ensure the continued publication of the magazine.
Sports Illustrated Lays Off Workforce Following License Revocation
How many remember the greatest Sports Illustrated cover of all time. pic.twitter.com/WVbLN7yUls
— Andy Kaczynski (@KFILE) January 20, 2024
According to reports, the popular magazine has been forced to lay off more of its employees after its publishers were unable to meet their financial obligations towards the payment of its license fees.
Affected staff reportedly received an email about it on Friday after the publication’s license was revoked, casting a shadow over the future of the iconic brand.
“As a result of the cancellation of this license, we will lay off staff working on the SI brand,” Arena Group wrote in an email to staff.
The Layoffs Reportedly Do Not Affect the Entire Sports Illustrated Workforce
For more than half my life, Thursday was my favorite day because that’s when my Sports Illustrated came out.
Time passes, nothing lasts forever.
But, if you’re my age, the demise of this institution is like saying goodbye to your childhood best friend. Thank you SI, for everything. pic.twitter.com/AwseAxqIGw
— Mike Greenberg (@Espngreeny) January 20, 2024
Amidst the upheaval at Sports Illustrated, reports state that the wave of layoffs is not affecting the entire workforce uniformly.
Despite the massive layoffs, an employee named Pat Forde responded to the news on social media, stating that “the entire staff” had not received termination notices. Forde, according to his published biography, covered Sports Illustrated’s college sports section, the Olympics and horse racing.
“The entire staff was not laid off. There are still websites and magazines. That said: An ugly, brutal day with lots of layoffs,” wrote Forde at X, formerly known as Twitter.
Forde also noted in his post, “To correct some erroneous reports, Matt Lombardi of the Arena Group: ‘We will continue to operate Sports Illustrated. … Either Arena or someone else will have the license to operate Sports Illustrated.'”
Sports Illustrated Will Continue to See the Light of Day
MEGA
According to the news outlet, Authentic Brands Group also announced its commitment to ensure the continuity of the respected sports publication. ABG sold the publishing rights for Sports Illustrated to the Arena Group in 2019 for at least ten years. However, the deal appears to be hanging in the balance following AG’s inability to meet its financial obligations.
In a shared statement Fox News DigitalABG confirmed the cancellation of Arena Group’s marketing license, stating that it was a result of “failure to pay its quarterly license fees despite notice of infringement and an opportunity to remedy the infringement.”
The statement continued, “Authentic is here to ensure that the Sports Illustrated brand, which includes its editorial arm, continues to thrive as it has for nearly 70 years. We are confident that going forward, the brand will continue to grow and develop in a way that serves sports news readers, sports fans and consumers.”
“We are committed to ensuring that the traditional ad-supported Sports Illustrated media pillar has best-in-class oversight to preserve the complete integrity of the brand’s legacy,” they added.
Trade Union Reaction
The assurances from ABG should inject a glimmer of hope into the Sports Illustrated community and its union, which was shocked by the recent layoff announcement but vowed to “continue” the fight.
follow Fox BusinessThe iconic sports magazine’s union acknowledged that a large number of the brand’s workforce, and possibly all NewsGuild employees, could be affected.
“We have fought together as a union to maintain the high standards of publishing we love and to ensure our employees are treated fairly for the value they bring to this company. It’s a fight we’ll continue,” Mitch Goldich, NFL editor and chairman of the unit, said in a statement.
The union also charged Authentic Brands Group with “ensuring the continued publication of SI and enabling it to serve our audience as it has done for nearly 70 years.”
Categories: Trending
Source: thtrangdai.edu.vn/en/
