Federated Media, the online blog ad network founded by John Battelle, has raised between $40 million and $50 million, in its third round of funding at a $200 million pre-money valuation, reports PEHub, citing sources. The round was led by late-stage investor Oak Investment Partners, and included return backers Omidyar Network and Panorama Capital, the report says. The company has about $25 million in 2007 revenue, and expects around $60 million this year, a big jump despite a dicey economy. The story says a formal announcement is expected later this week.

SEE ALSO: Blog Ad Network Federated Media Hires Banker To Vet

We first reported in Jan that the company hired a banker to do the $50 million raise, and look at other strategic options. VentureBeat has a similar amount of raise in a later report.

The company sells text and video ads across a number of blogs in different categories, and has started getting into events as well. It has raised two rounds of funding, the second for $4.5 million.