Meredith Sells Sports Illustrated To Authentic Brands Group For $110M

Authentic Brands Group on Monday evening announced it finalized the purchase of Sports Illustrated from Meredith Corporation (NYSE: MDP) for $110 million.

What To Know

The purchase includes Sports Illustrated’s associated brands including Sports Illustrated, Sports Illustrated Kids, Sportsperson of the Year, Sports Illustrated Swimsuit, SI and SI TV. The transaction doesn't include the FanSided digital platform, which Meredith is still in the process of selling.

"We are honored to welcome Sports Illustrated to the ABG family," said Jamie Salter, CEO of Authentic Brands Group. "As one of the most iconic brands in sports media, SI is a cultural centerpiece with massive opportunities for growth across its burgeoning digital, TV and social platforms and industry-leading print magazine."

What's Next

Authentic Brands Group also acquired the rights to over 2 million iconic images as part of Sports Illustrated's archive of owned photography.

Meredith will pay ABG a licensing fee to operate the Sports Illustrated print magazine and SI.com for a minimum of two years.

Meredith's stock traded lower by 3.3 percent to $52.91 per share at time of publication Tuesday morning.

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Photo courtesy of Sports Illustrated.