Federated Media has drawn $50 million in an investment round led by Oak Investment Partners. The financing was rumored to have followed a $200 million pre-money valuation.

The company oversees an ad network comprised of over 200 blogs and websites.

"We're not an ad network in the way you think of a Tacoda or a BlueLithium," said co-founder John Battelle in an interview with Online Media Daily.

"We're a media company with a portfolio of brands like a Condé Nast — we just have a different operating model. The publishers who create and curate their brands own their content and their destiny. We're their partners as opposed to masters." Battelle said the funds would be used to draw new pubs into the Federated Media fold.

Oak Investment's Fred Harman shall join Federated Media's board of directors.