Federated Media, the John Battelle-run ad network powering a number of major blogs, is looking to raise between $20 to $30 million, according to News.com. We reported in January that the company was looking to raise as much as $50 million and that it had also hired investment bank Savvian to vet incoming acquisition offers. According to the report, Battelle admitted to having hired Savvian, but said officially there was nothing new to say: “Who knows how this will play out?” Any raised would be much larger than the $4.5 million it raised from various investors including JP Morgan, Omidyar Network, NYT and various inviduals