Ah, such is a reporter’s life: a story I had been working on for at least two weeks, spoke to multiple sources, did a lot of legwork, and then it gets leaked to Valleywag, though there’s a bit more to it than is there. Glam Media, the high-profile and controversial online ad network, had started raising a total of $200 million last year, with the plans for $100 million in equity raise, and $100 million in debt. Some leaks came out on Techcrunch last year.

SEE ALSO: Interview: Glam Media CEO Samir Arora: Wrestling With Definitions

Now, the company is finally close to closing its equity round, though we have heard from a source that the amount has come down, and could now range anywhere between $50 million to $100 million, and may be closer to the former…multiple syndicates are still looking at the options, and an announcement could come later next month. The valuation hopes of the company may have come down, as the Valleywag piece points out. Allen & Co. and other banks were working on the deal.

What may NOT happen immediately: the $100 million debt raise, from what we hear. It may be phased in later, but nothing imminent.

Meanwhile, the company has expanded recently beyond its main focus on fashion sites, and is now working on women, entertainment and other verticals, mainly as an enhanced ad network. It has made a number of senior hires, brought in from traditional media companies.