FM Media valued at $100 Million ? maybe !!!

Not sure who in TechCrunch is doing their research before blogging  But I would certainly like to know the factiods on  which company this is !!

"One investor, we have learned, put a $100 million buyout offer on the table for the entire company, which FM Publishing declined."

John B , just got his Series A funding in early 2005 with revenues of $4.5 million in 2006, its first year in operation. Projections for 2007 were $30 million in sales and "several million dollars" in profit."

Does not make sense for a firm Offer of $100Million for FM Media.  Secondly the network is highly dependent on Blog's . However the blogosphere is actually contracting and not expanding. So its becoming  a diminishing market.  Maybe  FM really did well and YR07 revenue's went thru the roof and they made about $40-50Million. Then John declining would make sense, as he can still milk the blogosphere. His venture can  reposition the product and see where the product is positioned and if it is possible to attract new segments. And that could be his strategy . Embedded Ad's in YouTube ???