Time Inc. to Invest in Remaining Assets of Parent Company, Sports Technologies, Inc.
New York, NY – Time Inc.'s Sports Illustrated Group has signed an agreement to acquire ownership of the website FanNation.com from Sports Technologies, Inc. (STI). FanNation.com is a web destination that aggregates, filters and customizes sports information and allows users to generate content; STI develops Web 2.0 applications that include news aggregation, community capabilities and fantasy game engines. As part of the agreement, Time Inc. will acquire a minority interest in a newly-formed subsidiary of STI which will own the remaining assets not sold to SI. The announcement was made today by Time Inc. Executive Vice President John Squires.
FanNation.com, which delivers information to sports fans, fantasy game players and bloggers through a user-friendly design that is built to enable a rich, personalized community experience, is supported by technology developed by STI. The site enables sports fans to track players, create blogs, join groups, comment on the news and follow their favorite teams, giving the SI Group and its portfolio of digital assets - most significantly SI.com and GOLF.com - a platform to deliver an unmatched user experience in the sports community space and further enhance engagement of its online audience.
"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 Mark Ford, president and publisher of the SI GROUP. "The combination of FanNation.com's innovative technology and architecture, the strong journalism of SI and GOLF Magazine, and the original and entertaining content featured on SI.com and GOLF.com will provide fans with a multi-dimensional sports experience that they can't get anywhere else."
STI technologies will be deployed first by the SI Group, but soon thereafter across other major Time Inc. online 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 Squires. "STI will be invaluable to Time Inc. as we move beyond conventional publishing online into social forms of media, an area of major emphasis for us this year."
"We couldn't have asked for better partners than Sports Illustrated and Time Inc.," said Chris Nicholas, President of STI. "The acquisition of FanNation.com, which STI will continue to support, will enable SI to add another dimension to sports fans' experience on the Web. It will also provide STI with the opportunity to deliver our innovative technology to a broader online audience, including the family of Time Inc. sites, as well as continue our pursuit of third party development deals with other sports entities."
FanNation.com will be run by the SPORTS ILLUSTRATED GROUP under Ford and will report to Jeff Price, President of SI Digital. Financial terms of the agreement were not disclosed.
About SI
SI is a multimedia sports brand that takes the consumer into the heart and soul of sports. The SI franchise is anchored by Sports Illustrated, the most respected voice in sports journalism which reaches a weekly audience of nearly 21 million adults, and SI.COM, the magazine's 24/7 sports news website that delivers more than 150 original stories to its users each week. The SI franchise also includes SPORTS ILLUSTRATED KIDS (sikids.com), a monthly magazine targeted to kids age 8 and up; GOLF MAGAZINE and GOLF.COM; SIONCAMPUS.COM, a website dedicated to college sports and the college sports lifestyle; SI PRESENTS the magazine's specialty publishing division; as well as SI BOOKS, SI PICTURES, SI PRODUCTIONS, SI DIGITAL and SI EVENTS. Founded in 1954, SI is a division of Time Inc., the world's leading magazine publishing company and a subsidiary of Time Warner.
About Time Inc.
Time Inc., a Time Warner company, is one of the largest content companies in the world. With approximately 150 magazines, it is the largest magazine publisher in the U.S. and U.K. Each month, one of out every two American adults reads a Time Inc. magazine, and one out of every 10 visits a company website (more than 19 million unique visitors). Time Inc.'s popular brands and successful franchises extend to online, television, cable VOD, satellite radio, mobile devices, events and branded products.
Time Warner Digital Initiatives
Time Warner's innovative digital products and services reinforce the company's industry-leading brands on all platforms with a focus on growth, engagement and monetization. Among Time Warner's digital initiatives are: Warner Bros.' Studio 2.0, Digital Cinema, Total Hi-Def disc as well as multiple digital downloading and VOD distribution agreements; AOL Video, AOL Music, AIM, MapQuest and Moviefone; HBO on Demand and Cingular mobile devices; Time Warner Cable's enhanced digital video applications, Road Runner High Speed Online and Digital Phone services; Time Inc.'s People.com, SI.com and Time.com; Turner Broadcasting's CNN.com, CNN Pipeline, TCM.com, CartoonNetwork.com, TheSmokingGun.com, superdeluxe.com, AdultSwim.com, Veryfunnyads.com, NASCAR.com, pga.com and GameTap; and joint initiatives like In2TV and TMZ.com from AOL and Warner Bros. as well as CNNMoney.com from Time Inc. and Turner.
About Sports Technologies, Inc.
Sports Technologies, Inc., the creator of FanNation.com, was started in April 2006. STI's main focus is creating innovative products and features targeting fantasy sports, sports fans and other online communities. The company's vision is to develop creative products in a fast-moving environment with technologies that allow for rapid development. It recognizes sports communities as a category that can create compelling content and drive online businesses. Sports Technologies, Inc. is located in Canton, CT.
Contact Info:
Sports Illustrated
Allison Keane
(212) 522-5542
allison_keane@timeinc.com
Dawn Bridges
SVP, Corporate Communications, Time Inc.
(212) 522-2494
dawn_bridges@timeinc.com
Danielle Perissi
(212) 522-5951
danielle_perissi@timeinc.com
STI
Arthur Pincus
(917) 405-8295
arthur@sportstechinc.com
|
