Federated Media Seeking $20-$30 Million Funding Round

Federated Media, which offers advertising sales and publishing services to a network of blogs (including SAI), is seeking to raise a $20 million to $30 million second round of financing, according to CNet. The funding would add to a $4.5 million earlier investment by JPMorgan, The New York Times, and the Omidyar Network.

Last month FM retained investment bank GCA Savvian Advisors to field and solicit investment offers. CEO John Battelle has turned down at least one reported $100 million bid for the company.

Federated has about 55 current employees but plans to expand — and wants the capital to invest during what could shape up to be a sluggish ad environment in the coming year.

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