(Reuters) - Seattle-based TheMaven Inc (PK:MVEN) will be laying off about 40 employees from Sports Illustrated's staff, the Wall Street Journal https://www.wsj.com/articles/sports-illustrateds-new-operator-to-lay-off-more-than-40-employees-11570073983?mod=searchresults&page=1&pos=1 reported on Thursday citing people familiar with the matter.
Sports Illustrated employed roughly 160 people, the newspaper said.
TheMaven Inc, a unit of Authentic Brands Group, had licensed the rights to Sports Illustrated's print and digital publications earlier this year.
Maven said in a statement on Business Wire on Thursday that it will begin a three-month transition process for Sports Illustrated magazine and SI.com.
Ross Levinsohn has been appointed as the chief executive officer of Sports Illustrated and president of Maven Media Brands (MMB) and Steve Cannella and Ryan Hunt, will join MMB as co-editors in chief of Sports Illustrated, the company said.
The new SI magazine and website will launch in January 2020, the company added.
MMB, a subsidiary of Maven, will manage, produce and operate Maven's owned media destinations and licensed brands, the company said.
In addition to Sports Illustrated, MMB will continue to publish Sports Illustrated Kids, SI Presents, and Sports Illustrated Swimsuit, the company said.