A small media company called Maven will now run the editorial business at Sports Illustrated for the next ten years. This marks the ending of former owner, Meredith’s ties with the magazine.
Last month, Authentic group bought the intellectual property of the magazine. Under the licensing deal, it was decided Meredith will run the magazine and its website for at least two years.
The Maven is based in Seattle. They announced on Monday, the inception of Sports Illustrated Media. The former publisher of Los Angeles Times, Ross Levinsohn will soon be the CEO of Sports Illustrated Media.
The financial details of the deal were not officially disclosed. But a Security and Commission filing says that The Maven has already paid 45 million dollar to Authentic brands. The two companies also share revenues.
“The two companies will be partnering in building the brand worldwide”, the filing said.
Authentic Brands, a licensing company, is run by the entrepreneur Jamie Salter. A significant portion of its business comes from its deals to represent the estates of celebrities like Elvis Presley, Marilyn Monroe and Muhammad Ali.
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