Sports Illustrated's employee union said in a statement that the layoffs would be a significant number and possibly all, of the NewsGuild workers represented. (Photo Illustration by Joe Raedle/Getty Images)
The publisher of Sports Illustrated has notified employees it is planning to lay off a significant portion — possibly all — of the outlet's staff after its license to use the iconic brand's name in print and digital was revoked.
In an email to employees Friday morning, the Arena Group, which operates Sports Illustrated and related properties, said that Authentic Brands Group has revoked its marketing license.
“As a result of this license revocation, we will be laying off staff that work on the SI brand,” the email said.
Sports Illustrated's employee union said in a statement that the layoffs would be a significant number and possibly all, of the NewsGuild workers represented.
“We have fought together as a union to maintain the standard of this storied publication that we love, and to make sure our workers are treated fairly for the value they bring to this company. It is a fight we will continue,” Mitch Goldich, NFL editor and unit chair, said in a statement.
The guild's statement also called for Authentic Brands Group to “ensure the continued publication of SI and allow it to serve our audience in the way it has for nearly 70 years.”
In a statement on Friday, the Arena Group said it was negotiating with Authentic about the license, “with plans to sustain our commitment to delivering quality content throughout the ongoing discussions.”
Arena admitted that it had failed to make a quarterly payment of $3.75 million and Authentic had put it on notice that it intended to end the licensing agreement. As a result, Arena announced Thursday it would make a “significant reduction” in its workforce of more than 100 people. A representative for Authentic did not immediately return a message for comment.
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.
Chris Williamson, Chief Business Economist at S&P Global, breaks down September’s CPI print and inflation trends, explaining what it means for markets.
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
The stunning indictment that led to the arrest of more than 30 people — including Miami Heat guard Terry Rozier and other NBA figures — has drawn new scrutiny of the booming business of sports betting in the U.S. The multibillion-dollar industry has made it easy for sports fans — and even some players — to wager on everything from the outcome of games to that of a single play with just a few taps of a cellphone. But regulating the rapidly-growing industry has proven to be a challenge. Professional sports leagues’ own role in promoting gambling has also raised eyebrows.
Tesla, the car company run by Elon Musk, reported Wednesday that it sold more vehicles in the past three months after boycotts hit hard earlier this year, but profits still fell sharply. Third-quarter earnings fell to $1.4 billion, from $2.2 billion a year earlier. Excluding charges, per share profit of 50 cents came in below analysts' estimate. Tesla shares fell 3.5% in after-hours trading. Musk said the company's robotaxi service, which is available in Austin, Texas, and San Francisco, will roll out to as many as 10 other metro areas by the end of the year.
