Sports Illustrated Terminates Nearly Its Entire Staff: Reports

NEW YORK CITY, NY — Sports Illustrated, the iconic New York City-based sports magazine first published in 1954, is laying off nearly its entire staff, according to multiple reports Friday afternoon.

The magazine's publisher, The Arena Group, lost its agreement with licensing group Authentic after Arena missed a $2.8 million payment, Front Office Sports reported.

This story is being updated.