Sports Illustrated’s brand and all of its accompanying intellectual property have been sold for $110 million.
The Meredith Corporation announced the sale on Tuesday, and the transfer to Authentic Brands Group is now underway.
The sale of iconic magazine Sports Illustrated will transfer all marketing, business development, and licencing of intellectual property responsibilities to Authentic Brands Group. The deal’s structure suggests that Authentic Brands Group is more interested in owning the Sports Illustrated brand than its flagship publication. Although the magazine is one of Sports Illustrated’s most iconic offers, branding is a more serious business at this point. “[A] trusted name and fiercely devoted following set the stage for the brand to become a leader in lifestyle and entertainment,” according to Authentic Brands Group CEO Jamie Salter.
According to both companies, coming changes include new business opportunities of all kinds. You can expect to see new events and conferences stem from this deal, as well as new gaming products and various deals in media such as TV and online video.
Sports Illustrated was put up for sale last year alongside Time, Fortune, and Money Magazines. Meredith Corporation acquired these publications and more when they purchased Time. Inc.