Sports Illustrated employees union says entire staff could be laid off
Newsy
Sports Illustrated's publishers reportedly lost a license to the magazine, which could result in the elimination of the entire staff.
The Sports Illustrated Union announced in a statement that workers were notified on Friday of layoffs that could affect the entire staff.
The union says the layoffs were a result of publisher The Arena Group having its license to publish Sports Illustrated revoked by Authentic Brands Group.
Scripps News has contacted both The Arena Group and Authentic Brands Group for their reaction.
On Thursday, The Arena Group announced that it has cut 100 employees due to "substantial debt and recently missed payments."
“My immediate focus is to collaboratively design a growth-oriented media company, ensuring the financial stability necessary to cultivate and grow the brands we cherish. While this week’s layoffs were regrettably necessary, I look forward to sharing detailed plans soon," said Jason Frankl of FTI Consulting, who was recently appointed as chief business transformation officer of The Arena Group.
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