The intellectual property of Sports Illustrated is changing hand today for 110 million dollar. The ownership of the brand is going from Meredith Corp to Authentic Brands Group. New York Times today confirmed this news today.
Sports Illustrated, the magazine had pioneered the narrative of sports journalism since 1954. The erstwhile owner Meredith announced on Monday about the newly-formed pact. Authentic Brands Group is a brand development company that manages Juicy Couture, Nautica and elements of Muhammad Ali and Elvis Presley estates.
Meredith bought Sports Illustrated back in the January of 2018 as part of a bigger deal made with Times Inc for 1.85 billion dollars plus debt.
According to the new agreement, Authentic Brands has garnered the right to market, develop and license Sports Illustrated and its kids’ edition, swimsuit and sports person of the year franchise and photo archive. They will make money off these properties through live events, e-sports and sports gambling.
Editor Chris Stone and publisher Danny Lee will continue to lead the team.
Nick Woodhouse, the president and chief marketing officer of Authentic Brands said in a statement, “As a trailblazer and a cultural phenomenon, Sports Illustrated has created moments and experiences for its readers that are unmatched by any other sports brand. We look forward to working with Meredith to extend Sports Illustrated’s legacy and connect the brand with new audiences around the world.”
The president of Meredith’s national media group, Jon Werther said in an interview, “We felt this was the best outcome for the brand, gave it greatest future growth potential. With the new pact as a foundation, Meredith can move to sell ads for Sports Illustrated along with other media holdings.”
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