Authentic Brands Group has "emerged as a leading contender" to buy SI from Meredith Corp. for about $110M, according to sources cited by Trachtenberg & Mullin of the WALL STREET JOURNAL. The potential deal "isn't expected to include FanSided, a sports and entertainment network of more than 300 websites." It is "possible the discussions between Meredith and Authentic Brands won't lead to a deal." Meredith in February told investors that it "expected to have a sales agreement" to sell SI finalized in the "current fiscal year that ends this June." There have been other investor groups looking at SI that "may still come forward with a larger bid." Authentic Brands is a brand development, marketing and entertainment company "focusing on such areas as fashion, lifestyle, sports and entertainment" (WALL STREET JOURNAL, 4/26). In N.Y., Keith Kelly cites sources as saying that former NBAer Junior Bridgeman, who is "said to have finally lined up financing" to buy SI, is "still pegged as the front-runner for the moment" (N.Y. POST, 4/26).
PROVING TO BE DIFFICULT: VANITY FAIR's Joe Pompeo cited sources as saying that Meredith "wants between" $120-150M for SI and FanSided, which Time Inc. bought in '15. With Time and Fortune "apparently in good hands" after being sold by Meredith, that just leaves SI, which is "said to be the most challenged of the brands from a business perspective." It is also the title whose sale has "dragged on far longer than any had anticipated, with still no end in sight." A source said that there are "'at least three' suitors presently in the mix, one of which is believed to be a group led by" Bridgeman. Another source said that Meredith "told the street they were gonna have a deal done by June," but now it is late April and there are "still multiple people in conversations." A Meredith spokesperson said, "We hope to have an agreement in place by the end of the fiscal year, but don't have a specific timetable" (VANITYFAIR.com, 4/24).
