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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.

Go deeper

NYC to impose vaccine mandate on private employers

New York City Mayor Bill de Blasio (D) announced a new COVID vaccine mandate for private companies during a Monday interview with MSNBC's "Morning Joe."

Why it matters: De Blasio said it was a "first-in-the-nation measure" and will go into effect starting Dec. 27.

D.C.-Beijing tensions are shifting markets

Illustration: Aïda Amer/Axios

U.S. markets stand to lose $2 trillion in value if D.C. and Beijing drift further apart.

Why it matters: Political chasms are showing up in new securities regulations that put companies and investors in a bind. The rules are also another reflection of how much relations between the world’s largest economies have cooled, even as they remain economically interdependent. 

5 hours ago - Health
Axios Investigates

Documents reveal the secrecy of America's drug pricing matrix

Illustration: Aïda Amer/Axios

American businesses spend hundreds of billions of dollars a year on prescription drugs, and the bills keep getting bigger. But some of the companies promising to help rein in those costs prevent employers from looking under the hood.

Why it matters: Documents provided to Axios reveal a new layer of secrecy within the maze of American drug pricing — one in which firms that manage drug coverage for hundreds of employers, representing millions of workers, obscure the details of their work and make it difficult to figure out whether they're actually providing a good deal.