Turner Buys Bleacher Report

Time Warner’s Turner Broadcasting unit has acquired sports site Bleacher Report, according to people familiar with the transaction.

I’m told the deal, which we told you about in June, closed Friday, and is scheduled to be announced today.

Picking up Bleacher fills a hole for Turner’s digital operations, which lost control of SI.com and Golf.com to corporate cousin Time Inc. last quarter.

The interesting question will be price: Bleacher Report raised a reported $40 million in venture funding, and was angling for an exit above $200 million. But that’s a lot of money for 10 million monthly visitors. More when I get it.

Update: “Just under $200 million”, says Bloomberg’s Edmund Lee.