Retail

Shaq Eyes Reebok Buy As His Next Move

In his next move, former NBA player Shaquille O’Neal wants to buy the legendary footwear company Reebok. The sports star has created an empire with car washes, gyms and restaurant franchises, among other businesses, CNBC reported.

“Well, [Authentic Brands Group, one of the companies] I’m involved in, we just bought Sports Illustrated but I would love to purchase Reebok, ” O’Neal told the news outlet. He sold the right to future endeavors in commerce such as endorsements and merchandise for an unreported figure in 2015 to the company, where he became a business partner through the arrangement. As it stands, the company has over 50 customer brands in addition to celebrity licenses such as those of Elvis Presley, Muhammad Ali and Marilyn Monroe.

And, while it isn’t unknow what the exact value is of Reebok today, Adidas purchased the company for $3.8 billion 14 years ago. (An Adidas spokesperson did not reply to the news outlet’s comment request.) O’Neal himself was worth $400 million in 2016 per Forbes.

The news comes as Authentic Brands Group LLC agreed to buy the storied Sports Illustrated magazine from Meredith Corp. Meredith will still manage its website and publish its print magazine per reports in May. Authentic Brands Founder and Chief Executive Jamie Salter said, according to reports at the time, “Sports Illustrated has authority and the respect of athletes all over the world.” The executive, according to reports, noted a range of licensing deal opportunities such as in apparel when it comes to consumer goods. He also noted the possibility of airport Sports Illustrated stores.

Salter also noted at the time that the magazine’s more than two-million strong photo archive will have much value to fashion houses in a period when “fashion, sports and music are colliding much differently than in the past.”Authentic Brands owns brands that are focused on sports like Spyder for skiing and Prince for tennis. The New York- based firm also owns brands such as Nine West, Juicy Couture and Nautica.

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