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May 20, 2020

SI Publisher Gets $5.7M PPP Loan

WWD: "Sports Illustrated publisher Maven is the latest media company to reveal it received a federal coronavirus loan.The Seattle-based publicly traded company, which also owns TheStreet, was approved for a $5.7M Paycheck Protection Program loan by the Small Business Administration on April 6, according to a filing it made to the SEC. The loan approval came days after Maven laid off 31 people, the equivalent of 9% of its staff, and shrank executive pay by almost a third as it grapples with an expected $30M loss in revenues this year due to COVID-19. Around 6% of Sports Illustrated journalists, who were hit by a separate round of layoffs, were impacted. In the filing, Maven, which employs approximately 300 staff, said it will use the proceeds primarily for payroll costs, but did not mention rehiring those that had been laid off.“We’re a young company in a dynamic industry hit hard by COVID-19. We’re strictly adhering to the government’s parameters around these funds and appreciate the assistance during these uncharted times,” a Maven spokesman said despite a growing backlash against publicly traded businesses tapping into the funds"...


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