I’m finding the trend of venture backing for blog networks really fascinating.  Looks like Sequoia has jumped in with $5M for PopSugar out of San Francisco.

Techcrunch has some coverage here.

I’m guessing that the venture backing is a bet that this is a disruptive way to build a new media outfit with a fundamentally lower cost structure, but with all the revenue upside.  Media has always been profitable – witness the longevity and economics of newspapers – so this theory isn’t completely outlandish.

VentureBeat has coverage here.  Interesting deal for Mike Moritz.