Stephen Lovekin/Getty Images for Catalyst Public Relations

Meredith Inc. announced Monday night that it is selling Sports Illustrated to Authentic Brands Group, a brand development company, for $110 million.

Why it matters: The company has been offloading the news publications that it acquired as a part of its January 2018 Time Inc. purchase for more than $1.85 billion in debt in an effort to build an entertainment and lifestyle behemoth.

  • Sports Illustrated: Sold toAuthentic Brands Group for $110 million in May 2019.
  • Time: Sold to Salesforce founder Marc Benioff in September 2018 for $190 million.
  • Fortune: Sold to Thai Businessman Chatchaval Jiaravanon for $150 million in November 2018.
  • Money: Meredith tried unsuccessfully to sell Money and opted to shutter the print edition of the magazine, leaving only a digital version, instead.

Between the lines: Meredith thinks investing in entertainment and lifestyle brands creates a closer path to profit than investing in news and sports brands, which can be harder to monetize in the internet era.

  • Executives at Meredith told the Wall Street Journal last week that they are banking on growing sources of revenue from its entertainment properties through things like content licensing, live events and online retailing.

The big picture: Magazine and print advertising is facing steep decline in the digital age, forcing many publications to shutter altogether or to reimagine their businesses for digital distribution.

What's next? Authentic Brands plans to use the Sports Illustrated name to create all sorts of branded businesses "ranging from Sports Illustrated medical clinics and sports-skills training classes to a gambling business," its CEO told Variety.

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Jeff Sessions loses Alabama Senate primary runoff

Jeff Sessions. Photo: Michael DeMocker/Getty Images

Former Attorney General Jeff Sessions has lost the Republican nomination for Senate to Tommy Tuberville in Alabama in Tuesday night’s primary runoff, AP reports.

Why it matters: Sessions had been the underdog in the race against former Auburn University head football coach Tommy Tuberville, who had the backing of President Trump. Tuberville will now face off against Sen. Doug Jones (D-Ala.) in November, who is considered to have one of the most vulnerable Democratic Senate seats in the country.

Updated 5 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 13,273,537 — Total deaths: 577,006 — Total recoveries — 7,367,106Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 3,424,304 — Total deaths: 136,432 — Total recoveries: 1,049,098 — Total tested: 41,764,557Map.
  3. Politics: Biden welcomes Trump wearing mask in public but warns "it’s not enough"
  4. Public health: Four former CDC heads say Trump's undermining of agency puts lives at risk — CDC director: U.S. could get coronavirus "under control" in 4–8 weeks if all wear masks.

Bank CEOs brace for worsening economic scenario

JPMorgan CEO Jamie Dimon. Photo: J. Lawler Duggan/For The Washington Post via Getty Images

Wells Fargo swung to its first loss since the financial crisis — while JPMorgan Chase and Citigroup reported significantly lower profits from a year earlier — as the banks set aside billions of dollars more in the second quarter for loans that may go bad.

Why it matters: The cumulative $28 billion in loan loss provisions that banks have so far announced they’re reserving serves as a signal they’re preparing for a colossal wave of loan defaults as the economy slogs through a coronavirus-driven downturn.