Meredith sells Sports Illustrated to Authentic Brands for $110 million to further digital push via ReutersTV
- Media company Meredith Corp said on Monday it has agreed to sell Sports Illustrated to U.S-based entertainment company Authentic Brands Group LLC for $110 million, as it looks to scale its digital media business.
The purchase includes New York-headquartered Authentic Brands getting the intellectual property of the iconic magazine that will comprise of Sports Illustrated, Sports Illustrated Kids, Sportsperson of the Year, Sports Illustrated Swimsuit, SI and SI TV, the companies said in a statement. Authentic Brands would take on the marketing, business development and licensing functions for the Sports Illustrated intellectual property and brand, which has over 120 million consumers, 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 said.
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