In a move that could spell the end of an iconic brand, Sports Illustrated’s corporate owner informed employees Friday that it’s laying off “a significant number, possibly all” of the magazine’s unionized staff, the union said.

The magazine’s future is in the hands of Authentic Brands Group, its owner since 2019. Shortly after acquiring the magazine, ABG sold SI’s publishing rights to a company called the Arena Group, which missed a recent payment for those rights, according to the union. ABG responded by pulling the Arena Group’s publishing license, leading to Friday’s mass layoffs.

“This is another difficult day in what has been a difficult four years for Sports Illustrated under Arena Group (previously The Maven) stewardship,” the union, which has about 80 members, said in a statement. “We are calling on ABG to ensure the continued publication of SI and allow it to serve our audience in the way it has for nearly 70 years.”

SI isn’t the only media brand facing turmoil this week. On Friday, The Los Angeles Times union planned a walkout to protest looming widespread layoffs. Management is fighting to gut seniority protections in its contract with the union in an attempt to widen the pool of workers to lay off. It’s the newsroom’s first union work stoppage in the paper’s 143-year history.

Earlier this week, Condé Nast announced it was folding legacy music outlet Pitchfork into the men’s magazine GQ. At least eight staffers were laid off as a result of the merger.