The intellectual property of Sports Illustrated, the magazine that has monumental covers and narrative voices helped define American sports since its debut 65 years ago, has been sold for $ 110 million to the Authentic Brands Group in an unusual transaction suggesting The magazine's most sought after asset is its brand.
The previous owner, Meredith and the buyer Authentic Brands Group, announced the final sale Monday night. Meredith will continue to run Sports Illustrated's biweekly magazine and website, and pay Authentic Brands an excluded license fee for at least two years.
A press release indicated that Authentic Brands, a licensed company that owns the celebrities such as Marilyn Monroe and Elvis Presley and clothing retailers such as Juicy Couture, will make money from these properties through live events, e-sports, and sports gambling.
The companies billed the deal as a "strategic partnership." In a statement, "We are looking forward to working with Meredith to expand Sports Illustrated's heritage and link the brand with new audiences worldwide."
Sports Illustrated chief editor Chris Stone emphasized in a statement that Authentic Brands and Meredith "FanSided, a sports-focused network of websites owned by Meredith, was not part of the deal, and Meredith is" currently in the process of selling "it, the statement said. 19659002] "This deal was only sensible if we continue to generate premium journalism and storytelling," says Mr. Stone in a note to the staff.
Meredith hadd e purchased Sports Illustrated when it purchased Time Inc. for $ 2.8 billion last year.
For decades, the Titan of Sports Journalism, Sports Illustrated has beaten the past few years to meet the imperatives of the web and deal with the disadvantages of ink and paper. Meredith, based in Des Moines, told employees more than a year ago that it was likely to sell Sports Illustrated along with Time, Fortune and Money, while adhering to lifestyle publications such as Allrecipes and Better Homes and Gardens.
Time was sold to Marc Benioff, CEO of the software company Salesforce, and Fortune to Chatchaval Jiaravanon, whose family controls one of Thailand's largest companies. Meredith has announced it is ending Money's print edition.