Authentic Brands Group has snagged one of the most iconic names in sports media, inking a deal to purchase Sports Illustrated for $110 million from Meredith Corp. The company announced the deal late in the day on the Memorial Day holiday. Under the terms of the deal, ABG will assume the marketing, business development and licensing functions for the Sports Illustrated intellectual property and brand, while Meredith will continue to operate the print magazine and web site under editor-in-chief Chris Stone and publisher Danny Lee for at least the next two years. This confirms a story in WWD that said ABG’s purchase of the magazine would be primarily a licensing play. Stone said the two companies will work together “to build a premium sports platform” that will include “events and conferences, licensing, gambling and gaming, IP development, especially in video and TV, to name a few, all while continuing to benefit from Meredith’s industry-leading track record in operating media companies.” “We are delighted to find a great home for Sports Illustrated with ABG, one of the world’s premier brand owners and licensors,” said Jon Werther, president of Meredith National Media Group. “Additionally, we are excited about the opportunity to fully integrate Sports Illustrated’s print and digital products into Meredith’s operations. We
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