HanesBrands has announced an agreement to sell its sportswear business, Champion, to Authentic Brands Group. The deal, announced on Wednesday, is valued at up to $1.5 billion, with some reports specifying a value of $1.2 billion. Following the announcement, HanesBrands' stock saw a significant rise, increasing by 16%, with shares soaring 15%. The sale marks a major move for HanesBrands as it looks to streamline its operations and focus on its core business areas.