Federated Media Publishing, which sells advertising for a network of online publishers, plans to raise between $20 million and $30 million in a second round of financing, according to a source familiar with the deal.
The funding would add to earlier investments in FM of an estimated $4.5 million from JPMorgan Partners, The New York Times, and the Omidyar Network, among others.
Last month, FM hired investment bank GCA Savvian Advisors to handle investment queries, according to a report from PaidContent. According to TechCrunch, FM turned down a $100 million buyout offer from one interested party last month.
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