More than a year after putting Sports Illustrated up for sale, Meredith Corp. has agreed to sell the sports magazine brand to licensing and brand development company Authentic Brands Group for $110 million.
The sale doesn’t mean that Meredith Corp. will rid itself of Sports Illustrated entirely; ABG will not assume control over the Sports Illustrated’s editorial products for at least another two years. Instead, Meredith Corp. will pay ABG a licensing fee to continue operating the print magazine product and SI.com.
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