The intellectual property of Sports Illustrated, the magazine whose monumental covers and narrative voices have helped define American sports since its debut 65 years ago, has been sold for $110 million to Authentic Brands Group, in an unusual transaction that suggests the magazine’s most coveted asset is its brand.

The previous owner, Meredith, and the buyer, Authentic Brands Group, announced the completed sale Monday night. Under its terms, Meredith will continue to run Sports Illustrated’s biweekly magazine and website, paying Authentic Brands an undisclosed licensing fee for at least two years.

What Authentic Brands immediately bought was not the magazine itself but rather Sports Illustrated’s valuable intellectual property. The purchase covers the magazine’s trove of more than two million images, its swimsuit and Sportsperson of the Year brands, the instantly recognizable name itself and other assets.