Meredith Corp. is suing Sports Illustrated publisher Maven Inc., claiming that it owes more than $1 million in unpaid fees.
People and InStyle owner Meredith sold the iconic sports title in 2019 to apparel-focused Authentic Brands Group for $110 million. That deal allowed Meredith to continue to operate the magazine and web site for at least two years, but just three weeks later, there was another change as ABG farmed out operations to Seattle-based tech firm Maven in a $45 million licensing agreement.
But it claimed that Maven did not make the payments on the dates agreed or dispute them in the time allowed by the contract. Meredith then wrote to Maven in late April giving them 30 days notice that they were terminating the agreement and also informing them that they were liable for the missed payments. It alleged that Maven responded in May and attempted to “belatedly” dispute the costs.
A Meredith spokeswoman said: “It’s a simple matter. Meredith always honors the terms of our contracts and we expect the same from our partners, as any business would.” A spokesman for Maven did not immediately respond to request for comment.
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