Former NBA Player In The Lead To Buy Sports Illustrated

Ulysses Lee “Junior” Bridgeman, a former U.S. basketball player who became a fast-food mogul, is in the lead to acquire Sports Illustrated magazine from media company Meredith Corp for about $150 million, according to Reuters citing people familiar with the matter.

The deal would be the result of a review that Meredith is carrying out in its portfolio, following its $1.84 billion acquisition of Time Inc last year. It has already sold off its Time and Fortune magazines and is exploring a sale of Money Magazine.

One aspect of the deal still being hashed out in the negotiations is the outsourcing agreements related to printing and paper costs of the magazine, one of the sources said. These discussions are common when a buyer who does not own a media company purchases a magazine, the source added.

For example, when Marc and Lynne Benioff bought Time magazine for $190 million in cash in September, Meredith entered into a multiyear agreement with them to provide services such as subscription fulfillment, paper purchasing and printing.

Bridgeman

A Bridgeman purchase of Sports Illustrated would be the latest example of a wealthy individual taking over a storied media brand that has declined in profitability and influence since its peak years.

Amazon.com Inc founder Jeff Bezos bought the Washington Post in 2013 for $250 million. Earlier this year, Marc Benioff, founder of Salesforce.com, bought Time Magazine from Meredith for $190 million. Chatchaval Jiaravanon, a Thai businessman, bought Fortune for $150 million.

First published in 1954, Sports Illustrated is a U.S. magazine brand best known for its annual swimsuit issue. It has nearly 3 million subscribers but has been scaling back in recent years, reducing its print edition to 24 issues annually, in the face of pressure from online media.

Bridgeman played for the Milwaukee Bucks and the Los Angeles Clippers during his career with the National Basketball Association, which ran from 1975 to 1987. He later began acquiring Chili’s and Wendy’s restaurant franchises, which he sold for $400 million in 2016.