Sports Illustrated is laying off five staffers today, a source with knowledge of the situation tells The Big Lead. Unauthorized to speak publicly on the matter, the source requested anonymity.
SI’s parent company, Time Inc., missed earnings badly this week, sending their stock price down from above $15 a share to below $13 a share; earlier this year company leadership turned down an offer to be acquired for $18 a share.
Some of the names will be recognizable to readers, and will impact college sports coverage. However, SI does plan to announce new hires in the coming months, the source said. This post will be updated when names are confirmed.
[UPDATE: Seth Davis confirmed to The Big Lead that he was one of the staffers laid off. Davis had been with SI since 1995. “I have not an ounce of regret or bitterness. This is the way the industry is headed. SI is a great place with great people.” Davis said that he plans to continue writing.]
In this industry, as we have learned time and again, most recently with ESPN, layoffs are an unfortunate byproduct. We wish the best for everybody at SI who is impacted by these job losses.