Time Inc (TIME announced a new division called Sports Illustrated Swimsuit Enterprises, or SISE, to build out the successful yearly SI Swimsuit Edition's brand, offer licensing deals and partner with well-known swimsuit models who grace the magazine's pages.

SISE will also focus on jumpstarting careers of emerging swimsuit models. The newly formed division has already signed 15 new faces that took part in the magazine's first-ever open call this year. The highly diverse women were chosen as finalists in the nation-wide search from videos posted to Facebook's (FB - Get Report) Instagram with the hashtag #SISwimSearch. They've since been featured regularly on the publication's social media. One will be chosen to model for next year's swim edition. 

SI Swim has been an "incredible launching pad" for models to build multi-million-dollar careers, senior VP of strategy Bruce Gersh said. This will allow SI Swim to work directly with those models and get in on a possible rise to stardom.

The new division will also house SI Swim's recently debuted swim and apparel line, RAJ Swim. This is the latest in a string of Time licensing and brand extension moves. Southern Living recently launched retail lines at Dillard's (DDS - Get Report) stores, Real Simple is now selling branded accessories and cleaning products and Food & Wine is gearing up for an HSN Inc (HSNI partnership this fall.

Time stock traded down almost 2% mid-afternoon.

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