JOE RAEDLEG-ETTY IMAGES NORTH AMERICA-Getty Images via AFP
Sports Illustrated, one of America's most storied magazines, saw an end, to months of limbo Monday as a new 10-year publishing deal was announced.
The periodical had been dragged into a payment dispute between the company that owns the intellectual property rights, Authentic Brands Group (ABG), and its publisher, Arena Group.
The latter announced layoffs in January and later said the magazine's print edition would be axed in the summer.
On Monday, the turmoil appeared to have subsided as Sports Illustrated's owner said it had chosen a new company to publish the magazine, Minute Media, for a 10-year deal.
The new arrangement is expected to preserve the print edition of the magazine.
"Sports Illustrated is the gold standard for sports journalism and has been for nearly 70 years across both print and digital media. The weight and power of that distinction cannot be understated," said Asaf Peled, CEO of Minute Media.
In a joint press release with Sports Illustrated and ABG, Minute Media said it planned to push the publication to "technological innovation, catering to a wider audience on a global scale."
Minute Media's license with Sports Illustrated features an option to extend for up to 30 years.
Sports Illustrated, first published in 1954, became a hit among athletes and fans owing to its colour photos and long-form storytelling and was the first US magazine to reach the threshold of one million copies sold per week.
It later branched out to include an annual Swimsuit Issue featuring models and athletes pictured in swimwear in exotic locations globally.
HOLLYWOOD, FLORIDA - MAY 20: Katie Austin and Christen Harper pose with their features as Sports Illustrated Swimsuit Celebrates the 2023 Issue Release.
At its heyday in the early 1990s, print circulation neared 3.5 million but the magazine has since been reduced to monthly publication, in addition to its website.
"Minute Media has successfully proven that they are leading the way in a new era of sports storytelling, and we are excited and optimistic about this partnership and the future of Sports Illustrated as the preeminent lens into sport," said Daniel Dienst, executive vice chairman of ABG.
