It's a cruel end to an era for the iconic Sports Illustrated brand, as the company's entire staff, both online and in print, was informed in a devastating email on Friday afternoon that their jobs were no longer available. It seems so.
The publication, which is licensed by Authentic Brands Group, failed to pay approximately $3.75 million, resulting in its publishing license being revoked and resulting in the termination of all employees.
Arena Group issued a release Thursday saying there would be “significant reductions in more than 100 employees,” without providing further details. By early Friday afternoon, employees received an internal memo saying they would no longer work for the company.
“We would like to thank everyone who contributed to this project for their work and efforts. S.I. Brand and Business,” the memo reportedly said.
New York's News Guild and Sports Illustrated Union released statements on X pledging to fight for all employees affected by the layoffs.
Statement regarding today's mass layoffs at Sports Illustrated pic.twitter.com/tQjJdoHP4p
— Sports Illustrated Union (@si_union) January 19, 2024
“We are committed to maintaining the standards of this storied publication we love and ensuring that our employees are treated fairly and commensurate with the detriment they have brought to this company,” said Mitch Goldfitch, NFL Editor-in-Chief and Unit Chair. We have united as a labor union to fight for this.” “It's a fight we will continue to fight.”
according to deadlinesome employees will be terminated immediately, others will continue with the company by simply paying the amount they are legally required to notify their employer, but all will receive severance pay. It was done.
It's a bitter end to the iconic magazine's 70-year run, following a December scandal in which two executives were fired over the magazine's alleged use of AI-generated names and technology to create content. This follows.
Arena Group fell more than 35% in 24 hours following Friday's news.