London (CNN Business) The brand and intellectual property of Sports Illustrated have been sold to marketing company Authentic Brands Group for $110 million.

Meredith Corporation MDP , the current owner of the iconic magazine, announced the sale on Tuesday. In an unusual arrangement, Meredith will continue to publish the Sports Illustrated magazine and website.

The structure of the deal suggests that the Sports Illustrated brand is much more valuable than the storied magazine.

Authentic Brands Group, which owns the brands of celebrities like Marilyn Monroe and Elvis Presley, will assume the marketing, business development and licensing of Sports Illustrated's intellectual property.

Jamie Salter, CEO of Authentic Brands Group, said in a statement that Sports Illustrated's "trusted name and fiercely devoted following set the stage for the brand to become a leader in lifestyle and entertainment."

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