2 new SI bidders
Front Office, Minute Media eye iconic sports mag
The license to publish Sports Illustrated is drawing interest from at least two fresh bidders — including Jeff Zucker-backed news site Front Office Sports, The Post has learned.
In addition to Front Office Sports — minority-owned by the ex-CNN boss’ mediafocused buyout firm RedBird IMI Management — Sports Illustrated’s publishing rights could also get a bid from Minute Media, which in 2019 acquired the Player’s Tribune blog founded by Derek Jeter, sources said.
The rights to publish SI went up for grabs earlier this month after its current licensee, The Arena Group, failed to make a $3.75 million quarterly fee — prompting the SI’s owner Authentic Brands Group to terminate its license.
Arena — which made headlines Jan. 19 by telling all of Sports Illustrated’s staffers they would lose their jobs because of the blowup — is still publishing SI under a 60-day contract provision, even as it scrambles to negotiate lower fees, the sources said.
In October, Zucker’s Redbird IMI Management bought a minority stake in Front Office Sports, which covers the influence of sports on business and culture.
Front Office Sports could publish its articles through Sports Illustrated, a source close to the situation said. There also could be cobranding opportunities, according to the insider.
Arena — which also publishes titles including Men’s Health, TheStreet and Parade — is hoping to hang on to it after winning a reduced licensing fee, sources said.
While the auction of the SI license is early, the battered, iconic brand appears to be drawing interest, according to the sources. The Post reported Jan. 19 that Penske Media and Essence also made calls about getting the license, although it is unclear if those talks have progressed.
Authentic Brands declined to comment. Reps for Front Office Sports and Minute Media did not return calls.
Minute Media — which also owns sites Fansided and Mental Floss — would roughly double its revenue to $500 million by signing a license to publish SI, the sources said. In an interview last spring with CTech, Minute Media founder and CEO Asaf Peled predicted his company would be profitable by the end of 2023.