Federated Media Looking For Funding?

Blog advertising network Federated Media confirms that they've hired investment bank Savvian to do... something. Valleywag quotes a source who says the bankers are supposed to "manage investor interest,", while PaidContent says they've been asked "potentially to look for more funding, and maybe a sale for the right price," or maybe to "vet numerous incoming inquiries."

Meanwhile we hear that the San Francisco-based firm has big expansion plans, and is growing payroll from 50 employees to 85 in the near future. It's had two rounds of funding from JP Morgan Partners, Omidyar Network, The New York Times and individuals such as Mitch Kapor.

Federated sells display and video advertising for thousands of blogs across the Internet, and splits the revenue with publishers. Disclosure: Silicon Alley Insider is a FM client.