Minute Media acquires Sports Illustrated publishing rights for 10 years
The GIST: On Monday, international media conglomerate Minute Media (MM) struck a multiyear licensing deal with Sports Illustrated (SI) owner Authentic Brands Group for digital and print rights over the next 10 years. While financial terms were not disclosed, Authentic Brands obtained equity stake in MM through the deal. Quite the pick-up game.
The context: The agreement rescues SI from a seemingly dismal future after facing turmoil for decades. Most recently, 5-hour Energy founder Manoj Bhargava took over the helm of former SI publisher Arena Group in late 2023, with a classic tale of mismanagement causing Arena Group to lose its SI publishing license.
- Once the license was revoked, SI planned to shutter its doors within 90 days, laying off at least 80 employees in January. This happened right after SI was caught in an AI-generated content scandal. Can’t make this stuff up.
The details: The initial 10-year deal covers SI’s entire brand portfolio with extension options for two subsequent decade-long deals. In addition to publishing SI, MM now owns FanNation, SI Kids, and the SI Swimsuit edition, which originally had plans to break off from SI entirely.
- The brand is in more capable hands with MM, which has experience running sports media properties like The Players’ Tribune, FanSided, and 90Min. Coincidentally, SI and FanSided were previously co-owned together under former publishing giant Meredith, which also published Time Magazine before its own demise.
Zooming out: SI’s story personified a sports media industry wracked by layoffs in 2023, but its acquisition by a flourishing conglomerate represents a turning point for the brand. MM managed to more than double its valuation to $1B in four years, and at a time when many media companies are struggling, it could mean others will eventually shelter under its corporate umbrella. Rather be dry.
