Sports Illustrated will resume publishing after its owner reached a new rights deal with digital media company Minute Media.

Monday's announcement comes nearly two months after owner Authentic Brands terminated its publishing deal with The Arena Group, which led to mass layoffs at the venerable sports magazine.

Minute Media, best known for its sports sites The Players' Tribune and FanSided, said it reached a long-term partnership with Authentic Brands to "usher in the future of the SI brand."

"Sports Illustrated is the gold standard for sports journalism and has been for nearly 70 years across both print and digital media. The weight and power of that distinction cannot be understated. At Minute Media, our focus will be to take that legacy into new, emerging channels enhancing visibility, commercial viability and sustainable impact, all while ensuring that the SI team is inspired to flourish in this new era of media," Minute Media founder and CEO Asaf Peled said in a statement.

Authentic split with The Arena Group in late January after the latter missed a payment for licensing rights.

As part of the deal, Authentic will also acquire an equity stake in Minute Media.