Media company Meredith Corp. recently agreed to sell the Sports Illustrated magazine brand to U.S.-based entertainment company Authentic Brands Group for $110 million.
The move was announced Monday as part of a licensing agreement with Authentic Brands Group, which just three weeks ago acquired the 65-year-old magazine for about $110 million from Iowa publishing giant Meredith Corp. Maven paid Authentic Brands $45 million in advance royalties as part of the deal, which runs through 2029. Maven will be responsible for operating the digital and print editions of Sports Illustrated, which is based in New York and reaches 2.7 million subscribers. The firm also has rights to exploit the popular Sports Illustrated swimsuit edition and launch channels, video sites and special issues tied to the well-known brand.
In the past, a photo on the cover of Sports Illustrated was an honor reserved for the most elite athletes, including Michael Jordan, Joe Montana, Tiger Woods and Venus Williams. But now, the magazine competes with scrappy rivals such as USA Today, ESPN, the Bleacher Report, Los Angeles Times and the subscription-based online site the Athletic.
Now he is affiliated with Maven, a publicly traded firm that is cobbling together a patchwork of independent publishing sites.
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