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Written by Scott McKee BP
One Feather’s assistant.Editor
Arena Group, operator and publisher of Sports Illustrated magazine, announced on Thursday, January 18, 2024, the layoffs of more than 100 employees. Officials from the Eastern Band of Cherokee Indians (EBCI) assure us that this news will not have a negative impact on the Kituwa Nation. , LLC is a tribal corporation and the principal investor in Sports Illustrated Resort.
Kituwah, LLC, an Eastern Band of Cherokee Indians (EBCI) organization, is involved in the development of the Sports Illustrated Resort in Tuscaloosa, Alabama, home of the University of Alabama. Arena Group, the operator and publisher of Sports Illustrated magazine, announced the layoffs of more than 100 employees on Thursday, January 18, 2024, while EBCI officials said Sports Illustrated by Kituwa LLC It said it would not affect investments in Rated Resorts. (Rendering courtesy of Travel + Leisure)
Arena Group said in a statement: “Although we have significant debt and have recently defaulted on payments, we are completing these cost reduction measures to begin the transformation to a streamlined business model.” said.
Kituwah, LLC issued the following statement on Friday, January 19, 2024. “As many of you have seen, Authentic Brands Group announced today that it is revoking the Sports Illustrated publishing license from Arena Group. “We are part of an ownership team that owns and manages Sports Illustrated, which is a separate company and licensee from the long-running Sports Illustrated magazine, which was managed by Arena Group.”
It continued: “Kituwa LLC and the Eastern Band of Cherokee Indians have no exposure or investment in publishing licenses and will not be exposed to financial risk as a result of the disposition of this matter.” Authentic Brands Group said, “We fully support the vertical positions of Sports Illustrated Brands and Sports Illustrated Resorts and are confident that the future of both and all of their associated channels is stronger than ever. I can guarantee that it will.”
Principal Michelle Hicks said in a statement on Saturday, January 20, 2024: The Tribal Council, Deputy Chiefs, and I would like to meet with Kituwa LLC to ensure that this recent development does not impact our tribe. Kituwa LLC and EBCI are part of the ownership that owns and manages the Sports Illustrated Resort Hospitality License, a separate company and license from the long-running Sports Illustrated magazine. ”
He continued, “I am confident that Sports Illustrated Resort will provide new opportunities for our tribe and look forward to its continued success in the future.”
Authentic Brands Group said in a statement on January 19, 2024, “Yesterday, Arena Group’s license as the publisher of Sports Illustrated was terminated following the company’s notice that… Despite this, the company did not pay the quarterly license fee.” Violation and Opportunity to Remedy the Violation. Authentic is here to ensure that the Sports Illustrated brand, including the editorial department, continues to thrive as it has for the past nearly 70 years. We are confident that the brand will continue to evolve and grow in ways that benefit sports news readers, sports fans, and consumers. ”
“We are committed to ensuring that Sports Illustrated, a pillar of traditional advertising-supported media, receives best-in-class management to maintain the full integrity of the brand’s heritage.” We are working on it.”
The Sports Illustrated Union and New York’s NewsGuild released a statement on January 19, 2024. We’re asking Authentic Brands Group to ensure the continued publication of SI, allowing us to serve our readers the way we have for nearly 70 years. ”
The One Feather reported in February 2023 that Kituwah, LLC would invest $316 million to become co-owner and operator of Sports Illustrated Resorts, a business venture separate from the magazine.
Kituwah, LLC will invest $75 million annually over the next four years, with each investment going toward a separate new resort built from the ground up. Also, in the initial capital he invested $7 million, acquiring his 37.4% of the substantial equity partnership and making Kituwah, LLC the largest shareholder in SI Resorts.
In September 2023, Kitsuwa LLC announced that it is involved in the development of the Sports Illustrated Resort in Tuscaloosa, Alabama, home of the University of Alabama. Opening in late 2025, the resort will be the first of several planned for the college town and is being developed by Travel + Leisure Co. and Sports Hospitality Ventures, LLC.
At the time, Chris McCoy, president of Kituwa Global Marketing and Brand Management, told One Feather: “This is going to be the biggest thing in the hospitality industry for the next 10 years.”
He added: “Our partnership is exploring the potential for hospitality development on many university campuses across the country. We have received a lot of interest from universities. We have received a lot of interest from external parties. interest, and various industry partnerships continue to grow.”
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