Tuesday, May 28, 2019
Meredith Sells Sports Illustrated to Authentic Brands Group for $110 Million
Meredith Corp. has sold the intellectual property around Sports Illustrated to brand-development company Authentic Brands Group for $110 million.
“Sports Illustrated has been acquired by Authentic Brands Group. We’re thrilled to be part of the @ABG_NYC family and can’t wait to get started on SI’s future. We have some big plans!” Sports Illustrated announced on Twitter Monday.
Under the agreement, Authentic Brands has acquired the rights to market, develop and license Sports Illustrated, as well as its kids’ edition, swimsuit and “Sportsperson of the Year” franchises, and its photo archive. Meredith will continue to publish the print magazine, manage the brand’s website, and handle advertising, video and social media, The Wall Street Journal reported Sunday.
Sports Illustrated was among the properties Meredith took on when it purchased Time Inc. in January 2018 for $1.85 billion.
Authentic Brands Group currently manages Nautica, Juicy Couture, and elements of the Elvis Presley and Muhammad Ali estates.
Editor Chris Stone and Publisher Danny Lee will continue to lead Sports Illustrated at Meredith.
The magazine was first published in 1954. Its famous swimsuit issue was first published a decade later.
Source: the wrap feed