Meredith Sells Sports Illustrated To Authentic Brands Group For $110 Mln

(RTTNews) - Meredith Corp. (MDP) has sold the intellectual property of Sports Illustrated to Authentic Brands Group for $110 million.

Meredith said ABG acquired "the marketing, business development and licensing functions for the Sports Illustrated intellectual property and brand, while the print magazine and SI.com will maintain editorial independence and continue to operate under the leadership of Meredith and Editor-in-Chief Chris Stone and Publisher Danny Lee."

"We are honored to welcome Sports Illustrated to the ABG family," said Jamie Salter, Founder, Chairman and CEO of ABG. "As one of the most iconic brands in sports media, SI is a cultural centerpiece with massive opportunities for growth across its burgeoning digital, TV and social platforms and industry-leading print magazine. SI's trusted name and fiercely devoted following set the stage for the brand to become a leader in lifestyle and entertainment."

The companies said the purchase includes SI's associated brands, including Sports Illustrated, Sports Illustrated Kids, Sportsperson of the Year, Sports Illustrated Swimsuit, SI and SI TV.

ABG also acquires the rights to more than 2 million images as part of Sports Illustrated's archive of owned photography. Meredith will pay ABG an undisclosed licensing fee to operate the Sports Illustrated print magazine and SI.com for a minimum of two years.

Meredith acquired Sports Illustrated, as well as Fortune and Time magazines, as part of its purchase of Time Inc. on January 31, 2018.