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Post by billhammond on Jan 19, 2024 17:18:29 GMT -5
I'm guessing you are well aware of this, but ...
(Gray News/AP) - The future of Sports Illustrated is in question amid reports of a mass layoff and revocation of licensing.
The Sports Illustrated Union said in a social media post that its workers were notified that several of its guild workers were to be laid off.
CNN was among media outlets reporting that a memo revealed the magazine’s publisher was “laying off staff that work on the SI brand.”
In addition, there are reports that Arena Group missed a recent payment for publishing rights and Authentic Brands Group, the previous publisher revoked them.
The Arena Group acquired publishing rights from ABG in 2019 for at least 10 years. The group’s stewardship of SI has had many hurdles since then. In December, it fired chief executive officer Ross Levinsohn when the magazine’s alleged use of AI-generated stories drew public backlash.
The iconic sports brand has had a rough six years. It was acquired by Meredith Publishing in 2018 as part of the purchase of Time Inc., which started the magazine in 1954.
Less than a year later, Meredith sold the magazine’s intellectual property to Authentic Brands Group for $110 million. ABG owns the intellectual property of many brands and stars, including Marilyn Monroe, Elvis Presley, Muhammad Ali and Reebok.
Once a weekly publication, SI was reduced to biweekly publishing in 2018 and became a monthly in 2020.
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Post by howard lee on Jan 19, 2024 19:14:27 GMT -5
Yes, I saw and heard this earlier today on NPR. I am not surprised that this has happened. Once Time Warner spun off the magazine division a few years ago, and it was acquired by Meredith, I figured the death march had begun. Then, when a hedge fund or whatever the hell Arena is takes over stewardship, you know it's a dinosaur in the tar pits. The magazine, as old as I am, has not been doing well for at least six years. Happily, I have been.
The Verge reported that: "According to an SEC filing, The Arena Group — which licenses and publishes Sports Illustrated — owes $45 million to ABG, the company that owns the storied outlet. The Arena Group also recently missed a $3.75 million quarterly payment to ABG." Not good.
I have been gone from SI Kids since December of 2005, so I'm not sure I know anyone who works there anymore or is about to be laid off, except for a couple of people in the production department. I think more cuts are imminent.
Again from The Verge: "News broke earlier today that potentially all of the SI staff could be laid off after The Arena Group’s publishing license was revoked — and right now, it’s unclear if Sports Illustrated will exist at all going forward."
Very sad. But inevitable, given our evolving culture.
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Post by Marshall on Jan 20, 2024 8:49:34 GMT -5
What will become of all those skimpy bathing suits?
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Post by John B on Jan 20, 2024 10:14:34 GMT -5
What will become of all those skimpy bathing suits? No fears. I can start posting selfies of me and my entire Speedo collection for your perusal.
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Post by majorminor on Jan 20, 2024 10:22:47 GMT -5
What will become of all those skimpy bathing suits? No fears. I can start posting selfies of me and my entire Speedo collection for your perusal. MODERATOR!!!!
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Post by coachdoc on Jan 20, 2024 10:34:06 GMT -5
Used to memorize each issue the day they arrived. Now it’s the Boston Globe sports section.
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Post by John B on Jan 20, 2024 10:52:42 GMT -5
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Post by Cosmic Wonder on Jan 20, 2024 10:59:38 GMT -5
Sports Illustrated. I’ve heard of them. Wasn’t it a magazine?
Mike
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Post by coachdoc on Jan 20, 2024 11:44:05 GMT -5
What will become of all those skimpy bathing suits? No fears. I can start posting selfies of me and my entire Speedo collection for your perusal. Yikes! I’m a feared.
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Post by coachdoc on Jan 20, 2024 11:46:21 GMT -5
I was a fare cross country runner and Jim Ryun was my hero.
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Post by billhammond on Jan 20, 2024 12:04:20 GMT -5
I was a fare cross country runner and Jim Ryun was my hero. They had to pay you to run?
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Post by theevan on Jan 20, 2024 14:18:41 GMT -5
I was a fare cross country runner and Jim Ryun was my hero. They had to pay you to run? No it's fare, Bill. He had to eat and run.
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Post by Rob Hanesworth on Jan 20, 2024 20:59:04 GMT -5
What will become of all those skimpy bathing suits? Some of the tops might be my cup size. I have no use for the bottoms.
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