Mashable was the first to cover the launch of FanNation, an upcoming sports social network that debuted in September. I also covered the news that Sports Illustrated has partnered with the impressive high school sports network Takkle. Now the Sports Business Journal (behind a paywall) is reporting that Sports Illustrated/Time Inc has a “deal in principle” to get a 40% stake in FanNation for $25 million - that would mean the sports social network is valued at a staggering $60 million already.
The deal isn't done yet, but if those numbers turn out to be accurate, it would suggest that social networking for sports is a much bigger trend than many of us had assumed. FanNation was founded by former ESPN employees, and the SBJ suggests that buying a stake in the Canton, Connecticut-based social network would be a way for Time Inc. to catch up with ESPN.
They've certainly chosen wisely: FanNation is one of the most well-executed sports social networks that Mashable has tested this year (Takkle was probably our favorite). The standout feature is a fantasy league and the ability to track your favorite players. But still, $60 million? We need to stop reporting on social networks and start building them. ;)
[via PaidContent]
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