The print edition will continue, as Minute Media also oversees digital operations of the SI portfolio.
The deal also includes SI Swim.
Minute Media also publishes other sports brands including The Players Tribune, FanSided, 90min and STN Video.
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Authentic Brands terminated the license, which Arena had held since 2019, while staffers were given layoff notices.
Minute Media said that it plans to grow the Sports Illustrated media business.
As part of the deal, Authentic Brands also will acquire an equity stake in Minute Media.
Authentic Brands Group acquired Sports Illustrated from Meredith Corporation in 2019 for $110 million.
Meredith had owned the brand since it acquired Time Inc. in 2017.
