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BlackRock takes huge stake in parent of Sports Illustrated

BlackRock takes huge stake in parent of Sports Illustrated

August 13th, 2019 in Business

FILE - In this May 28, 2019, file photo, an issue of Sports Illustrated is displayed on a newsstand in New York. BlackRock is taking a sizeable stake in the parent of Sports Illustrated and the retail chains Nine West and Aeropostale, becoming the company's largest shareholder. Financial terms were not disclosed. The Wall Street Journal, which first reported the deal Sunday, Aug. 11, 2019, cited anonymous sources who put the investment at $875 million, valuing the entertainment and marketing company at $4 billion, including debt. Authentic Brands Group has more than 50 brands and nearly $10 billion in annual global revenue. (AP Photo/Mark Lennihan, File)

NEW YORK (AP) — BlackRock is taking a sizeable stake in the parent of Sports Illustrated and the retail chains Nine West and Aeropostale, becoming the company’s largest shareholder.

Financial terms were not disclosed. The Wall Street Journal, which first reported the deal Sunday, cited anonymous sources who put the investment at $875 million, valuing the entertainment and marketing company at $4 billion, including debt.

Authentic Brands Group has more than 50 brands and nearly $10 billion in annual global revenue.

Other investors in the New York company include founding investor Leonard Green & Partners, General Atlantic, Lion Capital, Simon Property Group, Brookfield Properties’ retail group and Shaquille O’Neal.