TechCrunch is reporting a $300 million investment by Spectrum Equity Investors to acquire a majority interest in The Generations Network (TNG), parent company of Ancestry.com. TNG reports about $150 million in yearly revenue according to the article, and has more than 900,000 paying subscribers. Comscore data reports the TNG network properties had 8.2 million unique worldwide visitors in August.

Update: Wednesday, October 17
The Generations Network has confirmed the transaction with a few more details. Spectrum Equity Investors, aready a shareholder in The Generations Network since 2003, will now hold a majority interest in the company. Following the transaction, Vic Parker and Ben Spero from Spectrum will serve on the company's new board of directors, along with Tim Sullivan, the President and CEO of The Generations Network. Additional terms were not disclosed. The acquisition is subject to customary regulatory and closing conditions and is expected to close in 2007. It will be interesting to see what impact this acquisition will have on the company and the family history industry.