It’s official, Jamie Slater and his Authentic Brands Group of zombie brands (which now include Volcom, Airwalk, Vision Street Wear, and 47 others) has purchased the softcore skin and sports magazine brand Sports Illustrated from Meredith Corp for $110 million dollars, according to a story on Variety.com.
Under terms of the deal, Authentic Brands acquires the rights to market, develop and license Sports Illustrated and its kids’ edition as well as its swimsuit and “Sportsperson of the Year” franchises, along with the magazine’s photo archive. Meredith will pay a licensing fee to operate the editorial operations of Sports Illustrated in print and in digital for a minimum of two years. Editor Chris Stone and Publisher Danny Lee will continue to lead Sports Illustrated at Meredith.
So, Meredith is selling the brand and then paying to run the print magazine into the ground while ABG gets to re-animate Sports Illustrated by slapping it on all kinds of products until no one remembers what SI was all about in the first place. Chalk that up as another win-win for ABG.
[Link: Variety]
