The owner of Sports Illustrated, the iconic sports magazine that has suffered a steep decline in recent years along with the broader magazine industry, announced that it would be laying off a portion of its staff.
The Sports Illustrated staffers are the latest victims of the downsizing affecting digital and print media, which has struggled to retain advertising revenue as marketers have shifted their spending to tech platforms.
In June, Meredith struck a deal with a New York-based brand management company, Authentic Brands Group, which at first opted to use Meredith to continue to run the media side of the operation. "Today, Authentic Brands Group officially closed on its transfer of the license to run the media assets of Sports Illustrated from Meredith to The Maven Group,” the company said in a news release. “As the new licensor of the Sports Illustrated, Maven made the Sports Illustrated personnel decisions that Meredith communicated to the SI employees today.
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