New York - Time Inc.'s Sports Illustrated magazine has announced that it will acquire FanNation.com, a provider of sports news and user-generated sports content, from Sports Technologies, Inc. (STI).

Time will also purchase a minority stake in STI, which also develops aggregation tools and online fantasy game technologies.

While financial terms were not disclosed, MediaWeek said several reports valued the deal at around $20 million.

"This acquisition will enable the SI Group to compete in the Web 2.0 space, deliver an unparalleled experience for the millions of sports fans who visit SI.com each month and attract new fans interested in this engaging platform," said SI Group president and publisher Mark Ford.

STI technology that adds user-generated content to websites will be integrated into Sports Illustrated's website, as well as other Time Inc. properties.

"Time Inc.'s investment in STI is perfectly aligned with our digital strategy -- to enable consumers to access our content across all digital platforms and engage with our brands through personalized and customized online experiences," said Time Inc. executive vice president John Squires.

Related Links:
http://tinyurl.com/3yxf5o (MediaWeek)
http://adage.com/mediaworks/article?article_id=114670
http://sportsillustrated.cnn.com
http://www.fannation.com