Publisher Meredith Corp. has sold Sports Illustrated for $110 million to sports news outlet Authentic Brands Group.
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“We felt this was the best outcome for the brand, and gave it the greatest future growth potential” – Jon Werther, president of Meredith’s national media group
The terms of the deal work like this, Authentic Brands has the rights to market, develop and license the Sports Illustrated brand. Meredith will now have to pay a licensing fee to operate the editorial operations of Sports Illustrated in print and in digital.
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So what does Authentic Brands Group plan to do with the Sports Illustrated going forward?
“Sports Illustrated is not just a magazine. It’s really a platform and it really stands for something that is hard when you’re building brands to get It has authenticity. It has authority. It has respect” – Jamie Salter, CEO of Authentic Brands
It will be interesting to see what the Sports Illustrated brand does now that is is under new ownership.
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