The publisher of Sports Illustrated and dozens of other magazines is reportedly negotiating to sell a majority stake in the company to Group Black, an African American-owned investment firm, according to a report.

Arena Group, whose portfolio of publications includes Men’s Journal, Parade Media, and TheStreet, is in talks with Group Black, whose media and entertainment holdings include Essence, Afropunk, AfrolandTV, and Crater, according to the Wall Street Journal.

Group Black, which was founded in 2021 by African American entrepreneurs Travis Montaque, Richelieu Dennis and Bonin Bough, bills itself as a “collective” devoted to “build[ing] solutions that accelerate inclusive spending by brands.”

The company secured a commitment from WPP, the ad-buying giant, to spend $75 million of its client ad budgets with media entities under Group Black’s umbrella.

Earlier this month, Group Black said it struck a deal with NBCUniversal parent company Comcast to sell ads in shows on Peacock, the streaming service.

The ads will be featured in shows that are geared toward black audiences.

Group Black was also among the companies that was rumored to have interest in acquiring Paramount-owned Black Entertainment Television, Vice Media, and Bustle Digital Group.

A deal to buy Sports Illustrated is seen as a move to expand ad inventory that can be sold to marketers eager to reach minority audiences.

Sports Illustrated is owned by Authentic Brands Group, which granted Arena Group a 100-year license to publish the magazine.

The Post has sought comment from Arena Group and Group Black.

Authentic Brands Group bought Sports Illustrated for $110 million in 2019 — the year after the magazine was sold to Meredith Corporation.

During most of the iconic magazine’s 70-year history, it was property of Time Inc.