Sports Illustrated to launch new live competition event "SI Women's Games"
Sports Illustrated is debuting a brand new biennial event this fall called the SI Women's Games that will feature elite athletes competing across six sports for a prize pool payout.
Why it matters: The breadth and scale of the event shows how much Minute Media is looking to invest in the 70-year-old sports magazine.
"This is how we want to bring the brand and push it forward," said Minute Media president Rich Routman."We want to build a multi-platform asset, not just a website or just a print product or otherwise."
Catch up quick: Minute Media brokered a 10-year licensing deal for digital and print rights to publish Sports Illustrated in 2024.
The company, which is home to sports and entertainment sites like The Players' Tribune and Mental Floss, was valued at more than $1 billion following its latest fundraising round last year.
One year in, the deal has revitalized Sports Illustrated, after a tumultuous few months that left the fate of the venerated sports outlet up in the air.
The first year of the partnership "reestablished the backbone of what Sports Illustrated is," said longtime Sports Illustrated editor-in-chief Steve Cannella. "The next 12 months is about breaking new ground."
Details: The SI Women's Games will feature the world's top athletes coming together to compete across a slew of different events, including basketball, gymnastics, tennis, flag football and volleyball.
The format is similar to The Ryder Cup, a biennial men's golf competition.
Athletes will be divided into two teams — one that will represent Team America (Canada, U.S., Latin America, etc.) versus Team World (Europe, Africa, Asia, etc.), per Routman.
Athletes will be paid to participate in the event, and there's also a prize pool for the winning teams.
The event will take place in Oceanside, California from Oct. 28 to Nov. 2.
Between the lines: The competition will be broadcast live domestically in prime time through a multi-year partnership with Scripps Sports and ION, one of the most widely-distributed broadcast TV networks in the country.
The company also plans to add international distribution partners.
Sports Illustrated will also invest in extensive coverage of the event across its digital, video and social media channels, Cannella said.
Zoom out: The event is part of a larger effort by Sports Illustrated to invest in women's sports coverage.
Earlier this year, the company named Simone Biles its 2024 Sportsperson of the Year.
The big picture: Women's sports have experienced a historic surge over the past year, as more investors line up to cash in on rising audience demand.
Several U.S. women's sports leagues, including the National Women's Soccer League's (NWSL) and the WNBA have brokered record TV rights deals in the past few years. Team sales have also seen record valuations.
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