Sports Illustrated Begins Layoffs Following Revocation Of Its Brand License

Sports Illustrated has begun a substantial round of layoffs as a result of Arena Group Holdings' failure to pay a licensing fee to Authentic Brands Group, according to a securities filing. The NewGuild of New York, which represents about 80 editorial workers at the magazine, and the Sports Illustrated Union published a statement early Friday, expressing concern that "possibly all" of their guild-represented employees could be affected by the layoffs.

The decision to lay off a large number of Guild-represented employees at Sports Illustrated was attributed to the Authentic Brands Group cancelling Arena's licence to print the magazine. This development follows a difficult era for Sports Illustrated, formerly known as The Maven, under Arena Group's ownership.

In reaction to these developments, Authentic Brands Group said that the publication would continue. The firm emphasised its dedication to assuring the future success and growth of the Sports Illustrated brand, particularly its editorial arm, while honouring its almost 70-year history. ABG expressed confidence in the brand's future expansion and growth to better serve sports news readers, fans, and consumers, reaffirming its commitment to maintaining the brand's reputation.