Time Inc. uses Quigo for online text ads

NEW YORK (Reuters) - Time magazine publisher Time Inc. said on Monday that it is using technology developed by online advertising company Quigo to provide text-based advertising on its magazines' Web sites.

Time, a unit of Time Warner Inc. will use Quigo's AdSonar technology on Web sites such as Time.com, CNNMoney.com and People.com, as well as on the Sports Illustrated and Southern Living Web sites.

The exclusive agreement would put textual advertising in front of about 19 million unique monthly visitors, Time said. The company expects it to generate about $100 million in ad revenue during the first three years of the partnership.

AdSonar would let advertisers place their ads on specific Web site pages, including pages featuring topics or keywords such as "mutual funds" or "health and science," the companies said in a statement.

"Historically, have been sold by somebody else and placed on your site. Now we sell them," said Vivek Shah, digital publishing president at Time Inc.'s business and finance network.