Time magazine has penned a deal with online ad firm Quigo to serve up text-based advertising to its family of websites, which in total serve 19 million unique visitors per day. This is the first time in Time's history that it will sell ad spots directly to advertisers without an agency middleman.

According to Reuters, Quigo's proprietary technology, AdSonar, enables advertisers to place their ads on specific web pages or areas of those websites that match certain keywords.

Time has said it plans to use Quigo's AdSonar on Time.com, CNNMoney.com, People.com, Sports Illustrated and Southern Living, with a projected revenue goal of around $100 million for the first three years of the partnership.

"Our partnership with Quigo underscores Time Inc.'s strategic focus on becoming a powerful force in digital media," said Ann Moore, chairman and CEO of Time Inc. "Quigo was the partner that could enable us to sell a Time-branded solution directly to our own advertisers so we can become a leader in performance-based advertising. After a rigorous evaluation, we came to the clear conclusion that Quigo's custom platform provided the best solution for us to own our advertiser relationships and generate significant incremental revenue."