Only four months after taking over Sports Illustrated, the publisher Authentic Brands is preparing to lay off up to 40 employees.
“TheMaven,” which licensed the sports journal from AB in June, is looking to overhaul the magazine’s production, according to the Wall Street Journal.
The Journal also reported that after laying off the employees, TheMaven intends to replace the employees with contracted reporters to cover sports.
In other developments, after seven years as Editor-in-Chief, Chris Stone, announced that he is stepping down and may take a different role with TheMaven for a “more global, less SI-focused position within the company.”
The affected employees were told to gather for a late Thursday meeting where it was expected that the plans were to be revealed. But the meeting was canceled on short notice, and the staff told to await further information.
The newly announced Editor-in-Chief, Steve Cannella, apologized to the staff saying that he understands that “it’s a strain on the entire newsroom,” to go through the changes.
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