Sports Illustrated Staff Faces Mass Layoffs After Licensing Dispute
Following a licensing disagreement between Authentic Brand Group (ABG) and The Arena Group, the renowned sports magazine Sports Illustrated is facing mass layoffs. Workers at Sports Illustrated received an email informing them of the impending job cuts, as a result of the conflict between ABG and The Arena Group.
The disagreement stemmed from a failure to make a payment of 2.8 million dollars, which violated the licensing agreement. ABG decided to terminate the licensing agreement with The Arena Group, citing dissatisfaction with the management of Sports Illustrated in recent years. The staff union has spoken out, asking ABG to allow the publication of Sports Illustrated to continue.
It is not clear if Authentic will seek a new operator or negotiate a new agreement with The Arena Group, but ABG’s objective is to reach a resolution as soon as possible. The staff at Sports Illustrated are now facing an uncertain future as the licensing dispute continues to unfold.