The Sports Illustrated Group has agreed to buy sports enthusiast site FanNation.com, and SI parent company Time Inc. plans to acquire a minority stake in FanNation's parent company, Sports Technologies Inc.

FanNation.com brings together sports fans, bloggers and fantasy sports players, giving them customizable sports content and allowing users to contribute their own, MediaPost reports. "This acquisition will enable the SI Group to compete in the Web 2.0 space," Mark Ford, president and publisher of the SI Group, said in a statement. Ford will be in charge of FanNation.com and report to Jeff Price, president of SI Digital.

The FanNation.com acquisition is SI's latest attempt to strengthen its online presence. Earlier this week, SI.com relaunched with an emphasis on video and a widened layout intended to view visitors more information.

According to Sports Illustrated, SI.com accounted for 15-20 percent of the franchise's total revenue in 2006; revenue is expected this year, according to Paul Fichtenbaum, SI.com's managing editor.