When you lose LeBron James, it seems like a natural reaction to go out and try to acquire a new toy. That may be why Dan Gilbert is adding his name and wealth to a group of investors that includes motivational speaker Tony Robbins Velocity Group CEO Joshua Pollack in its bid to purchase former Time Inc. magazines Sports Illustrated, Forbes, and Money.
The magazine industry in general has seen a drop in sales and value, but Meredith, the company that originally purchased the business from Time Inc, has high hopes for Sports Illustrated in particular. The brand has drawn a renewed interest from potential buyers since sports betting was legalized. While the brand only turned a profit of $13 million in 2017, Meredith executives have privately expressed a belief that the sales price for Sports Illustrated will be north of $200 million.
Gilbert’s group is bidding against a group that includes Hollywood super agent Ari Emanuel and Jimmy Finkelstein, who owns political news site The Hill. Their bid is being coordinated by former ESPN executive Mark Shapiro.
Final bids for the magazine business were due on Friday. Meredith has not given a time table for announcing the winning bid.
