This story has been on the down-low for a long time, and now because of leaks (including to us and WSJ), a hurried announcement has been made: Jon Miller and Ross Levinsohn’s much anticipated media rollup fund will be announced next week, though the fund is nowhere close to announcing/doing any acquisition. Among the investors in the up-to-billion-dollar fund is PE firm General Atlantic. Expect some more investor to come in, say our sources. More here in the release.

The new fund is called Velocity Investment Group, and among the companies we have heard it is looking at is online video distribution firm Broadband Enterprises. The two have also been talking to numerous other companies, at least a dozen of them according to our sources. The focus initially is on platform/distribution companies.

Also, the two have been talking to various investors for while, and among them were Texas Pacific Group and at least two others. The fund came very close to doing a deal with Warburg Pincus, but Warburg was putting in too many restrictive clauses which the two didn’t agree to, and General Atlantic finally came through, our sources tell us.