Sports Illustrated Group to acquire

Time's Sports Illustrated Group — expanding its sports content deeper into digital media — has signed an agreement to acquire ownership of the Web site from Sports Technologies (STI). is a Web site that aggregates, filters and customizes sports information and allows users to generate content. STI develops Web applications that include news aggregation, community capabilities and fantasy game engines.

As part of the agreement, Time will acquire a minority interest in a newly formed subsidiary of STI, which will own the remaining assets not sold to SI. STI technologies will be deployed first by the SI Group, but soon after, across other major Time online properties.

Time said the investment in STI is part of the company's digital strategy to give users greater access to its content across all digital platforms.

John Squires, executive VP of Time, said STI would be invaluable to the company as it moves beyond conventional publishing online into social forms of media.