Facebook has received a $25 million investment from venture-capital firm Greylock Partners in a third round of funding, which came after recent rumors of a $750 million buyout offer that was rejected, InternetNews reports. Facebook spokeswoman Melanie Dietch is quoted as saying, "We've had offers to purchase the company. It's not something we're looking to do. We've always been focused on building this company for the long term."

But Greylock general partner David Sze is quoted as saying such numbers are not extraordinary: "I don't know anything about the details, but I can put two and two together. They are the seventh most popular site on the internet." Moreover, as a social network, it's a popular form of new media, he says, and serves a coveted demographic: 18-24-year-old wev-savvy consumers.