RealTime IT News, Form $120 Million Pact Tuesday signed a 10-year deal with sports media site Inc. worth $120 million.

The new sports destination will pay Inc. (SPLN) $120 million to be an exclusive e-commerce partner. also received an unspecified equity interest in the CBS SportsLine subsidiary. was created in partnership with Benchmark Capital, Freeman Spogli & Co., Galyan's Trading Company, retired John Elway, Michael Jordan and Wayne Gretzky. SportsLine Founder and CEO Michael Levy will serve on the board of directors of, which includes Elway as the chairman, Jordan, Gretzky, Benchmark partner David Beirne, Freeman Spogli partner Ron Spogli and former Sears, Roebuck & Co. Senior Executive Vice President John Costello, who has been appointed chief executive officer. will also receive $85 million in advertising, over a period of four years from CBS Corp. in exchange for an equity stake.

Scheduled to launch this January,'s new shopping site will offer expert advice and insight from the world's future Hall-of-Famers in Elway, Jordan and Gretzky, along with a huge selection of professional sports and fitness equipment and apparel. The advisory board will provide tips on picking the right gear, improving performance, training, strategy and other useful information.

Under the proposed terms of the agreement, will acquire and assume all responsibility for, and cost of operations of the co-branded stores

"We intend to put the same effort into this venture that we put into our athletic careers, in hopes that it will result in great success and growth for," Gretzky said. We are approaching as a team effort, and I very much look forward to working with John, Michael, and the rest of the new company." includes more than 400,000 pages of multimedia sports information, entertainment and merchandise.

In September, bought in a $770,000 stock deal to offer consumers a line of about 10,000 tennis products in addition to an extensive assortment of merchandise and memorabilia.