Sports Illustrated’s erstwhile publisher on Thursday threatened to kill the print edition of the famed magazine after reports surfaced that the company that owns the license is leaning toward awarding it to a rival, The Post has learned.
The Arena Group, which had its license revoked in January by Authentic Brands after refusing to make a $3.75 million quarterly payment, held a meeting to tell the already shaken staff that the May issue would be its last, multiple sources told The Post.
The move comes as Manoj Bhargava, the 5-hour Energy founder and Arena’s largest shareholder, seeks to renegotiate the three years left on the original 10-year, $150 million deal with Authentic owner Jamie Salter.
Arena, which had warned that it will fire SI’s entire staff if it doesn’t regain the license, is on the hook for a $45 million termination fee.
“This is Manoj saying if you are not giving it to us, we are going to screw you,” a source close to the situation said. “I think Manoj may know they are not getting the license.”
Bhargava’s saber-rattling about ceasing publication of a magazine that has been on newsstands for 70 years didn’t seem to faze Salter.
“Authentic will ensure print publication,” a source close to Salter told The Post.
Arena has been publishing the magazine and the SI website while seeking to strike a new deal with Authentic.
Bhargava’s ultimatum came after Salter indicated he may be ready to hand over the license to Minute Media, which publishes The Players’ Tribune, according to Front Office Sports.
The deal would reportedly split off the celebrated Swimsuit issue from the rest of the publication.
Salter plans to make a final decision by the end of the month, the outlet said.
SI puts out 12 annual issues, along with a handful of commemorative editions, and had roughly 65,000 subscribers in 2023, according to The Alliance for Audited Media.
In its heyday, the crown jewel of sports journalism had a circulation of around 3 million — a week.
This story originally appeared on NYPost
