Struggling Sports Illustrated inks deal to stay afloat following partnership with Minute Media

The owner of "Sports Illustrated" came to an agreement with digital media company Minute Media, officials said Monday, to operate the iconic magazine, two months after mass layoffs appeared to signal the publication's demise.

Authentic Brands, which owns a host of clothing and lifestyle brands, purchased SI back in 2019 and it had been operated in recent years by publishers at The Arena Group.

Then in late January, Authentic Brands said it had terminated The Arena Group’s publishing license, leading to widespread staffing cuts.

Minute Media, best known for The Players’ Tribune and FanSided, said it's reached a deal with Authentic to keep S.I. going.

"Minute Media will oversee all digital and print editorial operations across the SI portfolio, which has been the industry leader in dedicated sports journalism for decades," Minute Media said in a statement.

"Minute Media plans to leverage its premium sports content expertise as well as its technology platform that powers the creation, global distribution and monetization of hundreds of digital content brands, to continue to grow the Sports Illustrated media business."

This story first appeared on NBCNews.com. More from NBC News:

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