I have engaged in a mixed metaphor by using a term sometimes used by UW announcer Matt Lepay to describe a three-point field goal.
Lepay doesn’t announce the Bucks; legendary announcer Eddie Doucette did, with a catchprhase for nearly everything …
… except a three (“Bango!” is for a slam dunk), perhaps because most of his time in Milwaukee came before the National Basketball Association added the three to its rules.
(I started with “Bango!,” not realizing Doucette used it for dunks and not threes, and then Mrs. Presteblog pointed out that almost no listeners even in the early 2000s would have any idea what “Bango!” was supposed to refer to, so I substituted “Bullseye!”, which has stuck.)
This long-winded preamble introduces this from Awful Announcing:
Sports Illustrated has been on the market for some time, and back in April we wrote about how Meredith was looking to sell SI for something like $150 million. Since then, there hasn’t been much movement on the sale front, although there was a fun stretch where Dan Gilbert and Tony Robbins were reportedly interested.
For a while, that lack of movement seemed to be a result of Meredith asking too much for SI. But according to a Reuters report from Carl O’Donnell and Liana B. Baker, Meredith’s patience might be paying off, as they’re apparently close to completing a deal. Not with an existing media company, but with a former NBA player.
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 U.S. media company Meredith Corp (MDP.N) for about $150 million, people familiar with the matter said on Friday.
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.
Bridgeman is in the final stages of negotiating a deal for Sports Illustrated after lining up acquisition financing, the sources added. If his effort is successful, a deal announcement could come by the end of the year, according to the sources.
Bridgeman is a former Indiana high school legend from East Chicago who went on to play at Louisville before a lengthy NBA career. After his playing days, he ended up going into an entirely different industry, becoming a restaurant franchise mogul. Bridgeman’s interest was first reported in October by the New York Post‘s Keith J. Kelly.
Considering Bridgeman is apparently willing to offer the asking price, it might be surprising that the deal hasn’t gone through yet, but as Reuters notes, it’s for a very simple reason: Bridgeman isn’t in media or publishing. That means a lack of infrastructure, which means the buyers will need a way to actually print the magazine, among other things.
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.
If the deal goes through, it will be interesting to see how a new entrant to the world of media handles the Sports Illustrated brand going forward.
It would be great to see SI, which I have read since I was in high school (the first issue I received was the 1982 swimsuit issue) in the hands of an owner who can figure out a plausible yet profitable direction for the magazine. SI has taken its yearly swimsuit issue into its own brand (including models who don’t actually wear swimwear, or anything else), with no indication of financial success. SI.com is now covering the non-sport of “professional” wrestling and has delved into other areas that can’t really be called sports.
SI also now prints every other week instead of weekly. Perhaps that economic decision makes sense, but it tends to restrict covering events after the event, which was the ultimate downfall of Sport magazine and Inside Sports. Some of the greatest game stories have been written by SI writers over the years, but if the event took place two weeks ago, perhaps readers beyond fans of the participating teams have moved on. ESPN The Magazine also publishes every other week, but the magazine has a horrid and unreadable design, perhaps designed for people who don’t generally read. If you don’t cover news (as in what happened, as opposed to what you think is going to happen, failures in which created the infamous SI Cover Jinx), what’s the point of reading?