Maven lays off 40 staff members from Sports Illustrated - WSJ

Paradium.AI

04/10/2019 02:34

Oct 3 (Reuters) - Seattle-based TheMaven Inc  MVEN.PK  will
be laying off about 40 employees from Sports Illustrated's
staff, the Wall Street Journal https://www.wsj.com/articles/sports-illustrateds-new-operator-to-lay-off-more-than-40-employees-11570073983?mod=searchresults&page=1&pos=1
 reported on Thursday citing people familiar with the matter.
    Sports Illustrated employed roughly 160 people, the
newspaper said.
    TheMaven Inc, a unit of Authentic Brands Group, had licensed
the rights to Sports Illustrated's print and digital
publications earlier this year.  urn:newsml:reuters.com:*:nFWN23O075
    Maven said in a statement on Business Wire on Thursday that
it will begin a three-month transition process for Sports
Illustrated magazine and SI.com.  urn:newsml:reuters.com:*:nBw9XsrPCa
    Ross Levinsohn has been appointed as the chief executive
officer of Sports Illustrated and president of Maven Media
Brands (MMB) and Steve Cannella and Ryan Hunt, will join MMB as
co-editors in chief of Sports Illustrated, the company said.
    The new SI magazine and website will launch in January 2020,
the company added. 
    MMB, a subsidiary of Maven, will manage, produce and operate
Maven's owned media destinations and licensed brands, the
company said. 
    In addition to Sports Illustrated, MMB will continue to
publish Sports Illustrated Kids, SI Presents, and Sports
Illustrated Swimsuit, the company said.
    

 (Reporting by Rishika Chatterjee in Bengaluru; editing by
Christian Schmollinger)
 ((Rishika.Chatterjee@thomsonreuters.com; within U.S. +1 646 223
8780, outside U.S. +91 99 7277 8938; Reuters Messaging:
rishika.chatterjee.thomsonreuters.com@reuters.net))