The sale of Sports Illustrated’s intellectual property alone, and not the iconic 65-year-old magazine itself, underscores the value of strong brand assets.

Authentic Brands Group, a licensing, marketing and brand development firm, will pay $110 million for the intellectual property of Sports Illustrated (SI). It will assume control of marketing, business development, ecommerce and licensing, while the seller, Meredith Corporation, will continue to run the biweekly magazine and website. The media group will pay Authentic Brands a licensing fee for at least two years.

“As a trailblazer and cultural phenomenon, Sports Illustrated has created moments and experiences for its readers that are unmatched by any other sports brand,” said Nick Woodhouse, President and Chief Marketing Officer of Authentic Brands. “We look forward to working with Meredith to extend Sports Illustrated’s legacy and connect the brand with new audiences around the world.”

The purchase includes SI’s archive of more than two million images, its swimsuit and Sportsperson of the Year brands, and other related brand assets. Authentic Brands already owns a portfolio of more than 50 fashion, sports and entertainment brands, including Marilyn Monroe, Elvis Presley, and Muhammad Ali. The company aims to leverage SI to develop new licensing deals, which could include live events as well as eSports and sports gambling content, the New York Times reports.

The SI brand could be especially profitable as eSports gain traction in entertainment, the media industry and elsewhere. “This new phenomenon – multiplayer video-game competitions, sometimes involving professional players – is filling arenas and boosting bottom lines for game publishers and marketers,” said Kevin Westcott, leader of US Telecommunications, Media & Entertainment at Deloitte. “By 2020, the global eSports market is expected to generate $1.5 billion in annual revenues, primarily from sponsorships and advertising, to an estimated global audience of 600 million fans.”

Meredith acquired SI when it bought Time Inc. for $2.8 billion last year. Like most in the media industry, SI has suffered with the decline of print. The Iowa-based media group made it clear early on that it would likely sell SI, as well as Time, Fortune and Money, while holding on to lifestyle publications like Allrecipes and Better Homes and Gardens. Time and Fortune have already been sold. Money’s print edition folded in April, but its website remains.

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