The future of iconic magazine Sports Illustrated looked dire Friday after the publisher announced mass layoffs.
The Arena Group — which had been roiled by reports that the fabled magazine published AI-generated content — admitted to failing to make a $3.75 million quarterly licensing payment to Authentic Brands Group due this week.
As a result, the publicly-traded Arena announced Thursday it would make a “significant reduction” in its workforce of more than 100 journalists.
h/t DS
