The brand and intellectual property of Sports Illustrated, the venerable weekly sports magazine, has been sold to Authentic Brands Group for $110 million, according to a Monday announcement by publisher Meredith Corp.

"We are honored to welcome Sports Illustrated to the ABG family," said Authentic Brand Group founder and Chairman Jamie Salter in a statement. "As one of the most iconic brands in sports media, SI is a cultural centerpiece with massive opportunities for growth across its burgeoning digital, TV and social platforms and industry-leading print magazine. SI's trusted name and fiercely devoted following set the stage for the brand to become a leader in lifestyle and entertainment."

The deal calls for Sports Illustrated to remain “under the leadership" of Meredith, while ABG receives the marketing, business development and licensing functions for SI's intellectual property and brand.

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The print and online magazine, SI.com, will keep its editorial independence under Meredith Editor-in-Chief Chris Stone and publisher Danny Lee.

"We're thrilled that Authentic Brands Group and Meredith share the vision of SI management to build a premium sports platform," said Stone, who has been SI's editor-in-chief since June 2016. "In addition to continuing to produce independent, award-winning journalism and storytelling—what Jamie Salter has described as the heart of SI—we are now perfectly positioned, with the support and resources of ABG, to thrive in many other spaces: events and conferences, licensing, gambling and gaming, IP development, especially in video and TV, to name a few, all while continuing to benefit from Meredith's industry-leading track record in operating media companies."

Sports Illustrated is the most-read sports magazine in the world, boasting 120 million readers. It first hit newsstands in 1954.

Some of its award-winning writers over the years became household names, including Frank Deford, Dan Jenkins, Bob Creamer, Ed Swift and Tex Maule.