Authentic Brands, who purchased Sports Illustrated from Meredith Corp last month, never had any intention of operating the magazine and digital products itself. Initially, Meredith had an agreement in place to continue operating Sports Illustrated for two years, but it seems that is no longer the case.
Sports Illustrated publishing rights have been licensed to publicly traded startup The Maven. Meredith was going to have to pay between $10 million and $15 million per year to license the rights from Authentic Brands Group. The Maven has agreed to a ten year deal that will see them pay $45 million against future royalties to operate all print and digital SI products.
The Maven has wanted to be in business with Sports Illustrated for some time. Before Authentic Brands won the company with a $110 million bid, The Maven backed former NBA player Junior Bridgeman’s attempt to purchase the iconic sports media brand. Former Tribune Interactive CEO Ross Levinsohn will oversee Sports Illustrated as the brand’s CEO for The Maven.
