Sports Illustrated sold to Authentic Brands for $100 million to further digital push
Media company Meredith Corp has agreed to sell Sports Illustrated to US-based entertainment company Authentic Brands Group LLC for $110 million, as it looks to scale its digital media business, said a Reuters report, adding that the companies also formed a strategic partnership to build a global media platform and develop broad-based licensing programs under the Sports Illustrated brand that will include product, original content and live events.
New York-headquartered Authentic Brands got the intellectual property of the magazine, and this will comprise Sports Illustrated, Sports Illustrated Kids, Sportsperson of the Year, Sports Illustrated Swimsuit, SI and SI TV, the report quoted the statement. Image source: www.si.com
According to Authentic Brands Chief Executive Jamie Salter, "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." Image source: www.si.com
Authentic Brands would take on the marketing, business development and licensing functions for the Sports Illustrated intellectual property and brand, while the print magazine and SI.com would continue to function independently under Meredith and Editor-in-Chief Chris Stone and Publisher Danny Lee, the companies reportedly stated. Image source: www.si.com
Meredith National Media Group President Jon Werther said the company wants to fully integrate Sports Illustrated`s print and digital products into Meredith`s operations. Image source: www.si.com
Meredith, which acquired Sports Illustrated magazine as part of its $1.84 billion acquisition of Time Inc, had hired advisers to explore its sale along with considering options for Time, Fortune and Money magazines, as the company sees these titles as not playing to its core strength in women`s magazines, reuters added. Image source: www.si.com