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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

2 hours ago - Politics & Policy

Scoop: Kaine, Collins pitch Senate colleagues on censuring Trump

Sen. Tim Kaine speaks with Sen. Susan Collins. Photo: Andrew Harnik/AP via Getty Images

Sens. Tim Kaine and Susan Collins are privately pitching their colleagues on a bipartisan resolution censuring former President Trump, three sources familiar with the discussions tell Axios.

Why it matters: Senators are looking for a way to condemn Trump on the record as it becomes increasingly unlikely Democrats will obtain the 17 Republican votes needed to gain a conviction in his second impeachment.

2 hours ago - Politics & Policy

Scoop: Anthony Coley to lead Justice Department public affairs

Photo: Xinhua/Ting Shen via Getty Images

Judge Merrick Garland, President Biden’s nominee for attorney general, has tapped Anthony Coley, an Obama-era Treasury Department official, to serve as a senior adviser and to lead public affairs at the Department of Justice, according to people familiar with the matter.

Why it matters: As the public face of the DOJ, Coley will help explain — and defend — the department's actions, from sensitive cases to prosecutorial decisions, including the investigation into Hunter Biden.

AP: Justice Dept. rescinds "zero tolerance" policy

A young girl waves to onlookers through the fence at the U.S.-Mexico border wall in San Ysidro, California, in Nov. 2018. Photo: Sandy Huffaker/AFP via Getty Images

President Biden's acting Attorney General Monty Wilkinson issued a memo on Tuesday to revoke the Trump administration's "zero tolerance" immigration policy, which separated thousands of migrant children from their families at the U.S.-Mexico border, AP first reported.

Driving the news: A recent report by Justice Department Inspector General Michael Horowitz emphasized the internal chaos at the agency over the implementation of the policy, which resulted in 545 parents separated from their children as of October 2020.