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Authentic Brands Group on Monday evening announced it finalized the purchase of Sports Illustrated from Meredith Corporation (NYSE:MDP) for $110 million.
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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."
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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.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.