Sports Illustrated magazine sold for $110 million

NEW YORK (AP) — Sports Illustrated magazine has been sold for $110 million to a company that specializes in managing fashion, entertainment and sports brands, including marketing rights to Shaquille O'Neal and Muhammad Ali.

The seller, Meredith Corp., will continue running the print edition and the website SI.com for at least two years. Its editor and publisher are staying on, and the magazine will have editorial independence.

The deal lets Sports Illustrated grow in new areas such as esports, while Meredith can continue to "produce independent, award-winning journalism and storytelling," Editor-in-Chief Chris Stone said in a statement.

It's not clear what will happen after two years, though it's possible Meredith and the new buyer, Authentic Brands Group, could extend their licensing deal, terms for which weren't disclosed.

The magazine is "so essential in the psyche of sports," said Samir Husni, director of the Magazine Innovation Center at the University of Mississippi, even after the magazine lost some of its luster with ESPN's entry to sports journalism decades ago.

"I don't think Sports Illustrated is going anywhere soon," Husni said.