Print journalism has been going through some struggles as of late thanks to the way media is being consumed. Fewer people are buying magazines and newspapers which has led to layoffs and the struggle to keep many of these legendary publications alive. Sports Illustrated is one of the most important sports magazines of all time and yesterday, it was revealed that the publication was sold to Authentic Brands Group for $110 million, according to CNN.
In the report, it states that the magazine will be able to keep its editorial freedom and will continue to be published for the time being. What's interesting about the sale though, is that Authentic Brands Group seems to be interested in the weight the Sports Illustrated brand carries and will be using it as a marketing tool for ventures outside the realm of journalism.
For instance, the Sports Illustrated name could be licensed out to other companies so they could use the name to market their product. As Authentic Brands Group CEO Jamie Salter explained, Sports Illustrated's "trusted name and fiercely devoted following set the stage for the brand to become a leader in lifestyle and entertainment."
Some writers at the magazine are reasonably weary about the situation but for now, the publication will go on as per the regularly scheduled programming.