JWilsonphoto wrote:
Did you guys see where Sports Illustrated laid off their entire staff? Wonder what that was all about? Obviously it's a financial thing but it makes you wonder what their plan is from this point.
Sports Illustrated" is a 'Property" owned by some corporation/venture fund (whatever), they 'licensed" some other entity to actually produce, publish, and sell the magazine. The "owners of the "property", don't make their money from the magazine, their profits come from the licensing payments/royalties.
The licensee defaulted on (I read somewhere) a multi-million dollar license/royalty payment. Missing that payment terminated their license to produce, publish, and sell Sports Illustrated. Once they lost the license their staff became redudant, so the staff was laid off/terminated.
Now the "property" owners either have to find a new entity to purchase the license, publish the magazine themselves, or just let Sport Illustrated die. I'm pretty sure that the "owners" are trying to accomplish the first (or second) option. Then again, depending on their tax situation option three might provide a very healthy tax write off.
Jan 26, 2024 at 12:56 PM
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