Sports Illustrated Stages Comeback After Scandal and Layoffs

New owner Authentic Brands Group revives iconic sports magazine with events, streaming, and licensing deals.

Apr. 5, 2026 at 9:34pm by Ben Kaplan

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After a tumultuous period that included a failed partnership with The Arena Group, layoffs, and a scandal over sponsored content, Sports Illustrated is making a comeback under new owner Authentic Brands Group. The magazine is now highly profitable, with less than half of its revenue coming from media, as Authentic has expanded the brand into events, streaming, and licensing deals. Despite declining print circulation, SI has grown its digital audience to 52 million monthly users and 21 million social media followers.

Why it matters

Sports Illustrated was once the premier destination for sports journalism, but like many print publications, it has struggled to adapt to the digital age. The magazine's revival under new ownership shows how legacy media brands can reinvent themselves by leveraging their iconic status and expanding into new revenue streams beyond advertising and circulation.

The details

After purchasing Sports Illustrated in 2019 for $110 million, Authentic Brands Group has worked to reduce the magazine's reliance on advertising and circulation revenue. The company has expanded the SI brand into events, streaming, and licensing deals, including a free ad-supported streaming TV channel called SITV. Authentic has also put the SI name on a ticket marketplace and created branded hospitality spaces at major sporting events. However, Authentic's initial partnership with The Arena Group unraveled due to a scandal over the use of AI-generated sponsored content on SI's website.

  • In February 2026, Sports Illustrated hosted a party at the Cow Palace in San Francisco during Super Bowl LX events.
  • In March 2024, The Arena Group announced it was shutting down the print edition of Sports Illustrated.
  • In 2023, Authentic Brands Group put the Sports Illustrated name on Lunatix, a ticket marketplace, now called Sports Illustrated Tickets.

The players

Authentic Brands Group

The New York-based company that purchased Sports Illustrated in 2019 for $110 million and has worked to revive the iconic sports magazine brand.

Daniel W. Dienst

The executive vice chairman for Authentic Brands Group, who oversees the company's efforts to expand the Sports Illustrated brand.

The Arena Group

The digital media company that previously operated Sports Illustrated under a licensing agreement with Authentic Brands Group, but the partnership unraveled due to a scandal over the use of AI-generated sponsored content.

Manoj Bhargava

The founder of 5-Hour Energy who became the majority owner of The Arena Group and tried to fire Sports Illustrated's unionized editorial staff and renegotiate a lower licensing fee from Authentic Brands Group.

Minute Media

The New York-based company that Authentic Brands Group hired to take over the management of Sports Illustrated after the failed partnership with The Arena Group.

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What they’re saying

“It took us a little while and we had a couple of bumps along the way.”

— Daniel W. Dienst, Executive Vice Chairman, Authentic Brands Group

“You go to LeBron James' office in Akron, it's got his 30 covers on the walls. You go to USC, they've got 21 covers with their athletes and coaches all over their athletic department.”

— Daniel W. Dienst, Executive Vice Chairman, Authentic Brands Group

“The minute I make that phone call or anybody perceives that Authentic could control the newsroom, forget it, game over.”

— Daniel W. Dienst, Executive Vice Chairman, Authentic Brands Group

“If we're not trying new stuff, we're failing.”

— Rich Routman, President, Minute Media

“They're very affluent and they're super loyal.”

— Daniel W. Dienst, Executive Vice Chairman, Authentic Brands Group

What’s next

Authentic Brands Group plans to continue expanding the Sports Illustrated brand through new licensing deals, events, and digital initiatives, with the goal of making the iconic magazine profitable and relevant for a new generation of sports fans.

The takeaway

Sports Illustrated's comeback under new ownership demonstrates how legacy media brands can adapt to the digital age by leveraging their brand recognition and expanding into new revenue streams beyond traditional publishing. The magazine's revival also highlights the challenges of balancing commercial interests with editorial integrity, as seen in the failed partnership with The Arena Group.