Latest posts by Sam Amico (see all)
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Cleveland Cavaliers owner Dan Gilbert is among those in a group that’s in talks to buy Sports Illustrated, as well as several other titles, according to a report from the New York Post.
Along with Gilbert, author and motivational speaker Tony Robbins is also reportedly part of the group.
The once-thriving SI, as well as Fortune and Money magazines, are the last former Time Inc. titles being sold off by current owner Meredith. According to the Post, a deal involving Gilbert’s group is close.
Gilbert, 56, is the founder of Quicken Loans and Rock Ventures. He bought the Cavaliers in 2005 for a reported $375 million.
Like most print publications, Sports Illustrated has fallen on hard times financially after dominating the American sportswriting scene for about a half century. It was founded in 1954 and recently moved from publishing once a week to every other week.
Many of its top writers have retired or moved into other fields within the past several years. That includes NBA feature writer Lee Jenkins, who organized the publishing of LeBron James’ free-agency announcement that James was returning to the Cavs in July 2014. Jenkins revealed earlier this week that he accepted a position in the Los Angeles Clippers’ front office.
“One of the plans being considered would be to further cut the frequency of Sports Illustrated — the one-time weekly, which was cut back to 26 issues earlier this year,” the Post reported. “Plans being mulled include monthly frequency augmented with special issues, such as swimsuit and sports preview issues and others tied to events like the Super Bowl.”