Authentic Brands Group, a brand development, marketing and entertainment company, has bought the intellectual property of Sports Illustrated from Meredith.

“We are honored to welcome Sports Illustrated to the ABG family,” said Jamie Salter, founder, chairman and CEO of ABG. “As one of the most iconic brands in sports media, SI is a cultural centerpiece with massive opportunities for growth across its burgeoning digital, TV and social platforms and industry-leading print magazine. SI's trusted name and fiercely devoted following set the stage for the brand to become a leader in lifestyle and entertainment.”

ABG is taking over the marketing, business development and licensing functions for the Sports Illustrated intellectual property and brand, while the print magazine and will maintain editorial independence and continue to operate under the leadership of Meredith and Editor-in-Chief Chris Stone and Publisher Danny Lee.

In a memo to staff, Stone wrote that the magazine aims to capture larger audiences on other platforms, including video games, live events and gambling, NPR reported.

Meredith acquired Sports Illustrated as part of its purchase of Time Inc. in late 2018. Shortly thereafter, Meredith announced it was selling certain Time news and sports brands. Married couple Marc Benioff, a Salesforce co-founder, and Lynne Benioff bought Time. Entrepreneur Chatchaval Jiaravanon bought Fortune magazine.

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