88 is sending a $25 million termination payment to Authentic Brands Group-owned SI now, and another $25 million in between 2027 and 2029.
Ending the partnership will end up saving 888 $6 million to $7 million per year in 2024 and 2025. Wednesday that it is ending a partnership with Sports Illustrated because of profit margin concerns and reviewing other strategy options that include exiting the U.S. market entirely.
“Since commencing my role as CEO I have been focused on ensuring the Group is set up to deliver strong value creation in the coming years,” 888 CEO Per Widerström said in a statement. “In the U.S., the intensity of competition and requirement for scale means huge investment is required to reach profitability.”
888 said in a statement that operating costs, including market access and license fees, and competition from “well-capitalized incumbent participants” are making it difficult to optimize return, sparking a need to review strategy. 888 could sell part or all of its U.S. business, depart from the market, or consider several other transactions.
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