Publisher Meredith (MDP - Get Report) finalized the sale of the Sports Illustrated brands and license to operate the fabled Sports Illustrated print magazine to privately held Authentic Brands Group for $110 million.
As part of the deal, Authentic Brands will acquire all Sports Illustrated 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 currently in the process of selling.
Authentic Brands also acquires the rights to Sports Illustrated's 2-million-strong archive of owned photography.
Sports Illustrated has been acquired by Authentic Brands Group.
We're thrilled to be part of the @ABG_NYC family and can't wait to get started on SI's future. We have some big plans!— Sports Illustrated (@SInow) May 28, 2019
Proceeds from the sale will be used to pay down debt, Meredith said in a statement. With the sale of Sports Illustrated, Meredith will have paid approximately $900 million of debt by June 30, the company said.
Meredith acquired Sports Illustrated as part of its purchase of Time Inc. on January 31, 2018. As part of that deal, Meredith announced it would sell off certain Time news and sports brands. This past September, it agreed to sell Time for $190 million to Marc Benioff, co-founder of Salesforce.com, and his wife, Lynne Benioff.
Shares of Meredith gained 0.66% to $55.07 in early trading on Tuesday.