ABG has licensed its Sports Illustrated brand to digital media startup Maven.
The 10-year agreement grants Maven comprehensive media publishing rights for the Sports Illustrated and Sports Illustrated Kids publications. Maven will be responsible for the operation of the media properties including the magazines, websites and OTT platforms for the brands, and has the rights to produce short-form content. ABG, meanwhile, will continue to lead the marketing, events, business development and licensing functions for the brand.
Maven paid ABG $45 million in upfront royalties for the brand and agreed to provide an undisclosed percentage of gross revenue each year through 2029. The sale makes up almost half of the cost ABG paid for Sports Illustrated. The company paid Meredith publishing $110 million for the brand earlier this year.