REUTERS: Media company Meredith Corp said on Monday it has agreed to sell Sports Illustrated to U.S-based entertainment company Authentic Brands Group LLC for US$110 million , as it looks to scale its digital media business.
"As one of the most iconic brands in sports media, SI is a cultural centrepiece with massive opportunities for growth across its burgeoning digital, TV and social platforms and industry-leading print magazine," Authentic Brands Chief Executive Jamie Salter said in the statement. Meredith National Media Group President Jon Werther said the company wants to fully integrate Sports Illustrated's print and digital products into Meredith's operations.Meredith in turn will pay ABG a licensing fee to operate them for a minimum of two years.
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