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NEW YORK (AP) – Sports Illustrated magazine was sold for $ 110 million to a company specializing in the management of fashion, entertainment and sports brands, including the marketing rights of Shaquille O. Neal and from Muhammad Ali.
The seller, Meredith Corp., will continue to publish the print edition and the SI.com website for at least two years. Its publisher and publisher remain and the magazine will enjoy editorial independence.
The agreement allows Sports Illustrated to expand into new areas such as esport, while Meredith can continue to "produce independent, award-winning journalism and stories," said Chris Stone, editor of Sports Illustrated, in a statement.
We do not know what will happen in two years. Although it is possible that Meredith and the new buyer, Authentic Brands Group, may extend their license agreement, conditions that have not been disclosed.
The magazine is "so essential in the spirit of the sport," said Samir Husni, director of the University of Mississippi's Innovation Center Magazine, even after losing some of its luster with ESPN's entry into journalism sporty decades ago.
"I do not think Sports Illustrated is going that far," Husni said.
Meredith has long published Martha Stewart Living magazine as part of a licensing agreement. "We believe we will have similar success, developing the vitality and profitability of Sports Illustrated," said Meredith spokeswoman Jill Davidson.
For the moment, she said Meredith and Authentic had "achievable and ambitious goals to achieve" and that they would evaluate the partnership in two years. She added that it was not planned to change the frequency of the magazine.
Authentic said he saw opportunities for growth in Sports Digital Illustrated in digital, television and social media, making him "a leader in lifestyle and entertainment."
Authentic will support marketing and business development and will look for other licensing opportunities for products, original content and live events. The company said it sees an opportunity to use the Sports Illustrated brand in growing markets for sports games of chance and video game competitions, known as esports.
Sports Illustrated, which began publishing in 1954, covers the sport and publishes an annual swimsuit edition.
Meredith and Authentic say Sports Illustrated has an audience of more than 120 million people online and in print. However, the magazine has struggled due to the leaking of advertisers from the print edition on the Internet and the creation of digital sports shops. ESPN, for example, said in April that it would close its print magazine.
Meredith purchased Sports Illustrated as part of her purchase of Time Inc. magazine company in January 2018. Meredith, publisher of lifestyle magazines and sites, such as Martha Stewart Living and Allrecipes, announced shortly after the purchase of Time Inc. that she wanted to sell the products of the publisher. news and sports magazines while keeping the titles more aligned with its brand, such as People. He has already unloaded Time Magazine and Fortune.
Meredith also wanted to sell money, but rather closed the print version of the magazine.
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