The Maven, a small Seattle-based publicly-traded digital media company, has purchased the rights to publish Sports Illustrated.
The New York Post reported that Authentic Brands Group, which bought Sports Illustrated last month from Meredith, sold the magazine’s print and digital publishing rights to The Maven. At the time, the companies said Meredith would run the magazine and the SI.com website for at least two years under a licensing deal.
In a filing, Maven said Ross Levinsohn, former publisher of the Los Angeles Times, would be CEO of what will soon be named Sports Illustrated Media. Maven says its deal runs through 2029 and may be renewed. Terms were not disclosed, but Maven paid $45 million up front.
Authentic Brands also has the right to invest in Maven, a little-known startup that last week bought TheStreet financial site for $16.5 million. Maven’s CEO, Jim Heckman, is a media entrepreneur who has often worked with Levinsohn.