Maven Media Brands, publisher of Sports Illustrated and financial Web site The Street, said Monday it’s laying off 31 people across the company, or 9 percent of its workforce. The company, which is headed by CEO James Heckman, will also give a 30 percent pay cut to its top executives.
Maven said it expects the pandemic to knock $30 million in revenue from the company in 2020.
SI was already rocked by a 50 percent staff cut in October after Maven took over its operations from Authentic Brands Group, which technically retains ownership of SI while licensing the media to Maven.
Some of the cutbacks will come from combining The Street, founded by Jim Cramer and acquired by Maven in August 2019, with LiftIgniter, a Web site acquired earlier this month.
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