NEW YORK (CBSDFW.COM/AP) — Sports Illustrated is being sold for $110 million, but the seller will continue running the iconic magazine under a licensing deal.

Authentic Brands Group is buying SI from Meredith Corp.

Authentic will handle marketing, business development and licensing functions. That includes licensing the magazine itself back to Meredith, so that Meredith will continue publishing the print edition and website.

In a statement Authentic chairman Jamie Salter said, “As one of the most iconic brands in sports media, SI is a cultural centerpiece with massive opportunities for growth across its burgeoning digital, TV and social platforms and industry-leading print magazine. SI’s trusted name and fiercely devoted following set the stage for the brand to become a leader in lifestyle and entertainment.”

Among other things, Authentic handles Frye and Tretorn brands and parts of the Muhammad Ali and Elvis Presley estates.

Sports Illustrated began publishing in 1954 and covers a wide range of sports as well as an annual swimsuit edition. Authentic says Sports Illustrated has an audience of more than 120 million people online and in print.

Meredith got Sports Illustrated as part of its deal for Time Inc. last year.

(© Copyright 2019 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)