May 29, 2019
The brand and intellectual property of Sports Illustrated magazine have been sold by Des Moines-based Meredith—which also owns such major media properties as People, Real Simple, Parents, Instyle, Entertainment This Week, and Eating Well—to the New York City-based marketing company Authentic Brands Group for $110 million.
Meredith announced the sale on Tuesday, May 28. In an unusual arrangement, Meredith will continue to publish the Sports Illustrated magazine and website, CNN reported.
The structure of the deal suggests that the Sports Illustrated brand is much more valuable than the storied magazine.
Authentic Brands—which owns the brands of celebrities like Marilyn Monroe and Elvis Presley, will assume the marketing, business development and licensing of Sports Illustrated’s intellectual property, the news outlet said.
Jamie Salter, CEO of Authentic Brands Group, said in a statement that Sports Illustrated’s “trusted name and fiercely devoted following set the stage for the brand to become a leader in lifestyle and entertainment.”
According to the companies, potential new business opportunities include events, conferences, gambling and gaming products; as well as video and television, CNN said.
Research contact: @MeredithCorp