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Weblogs, Inc. mogul Jason Calacanis caught up with gossip blogger Perez Hilton at a Sundance party. In a fit of inexplicable pleasure at Perez's humor, the self-proclaimed future CEO of AOL did the professional thing — he blogged it.

Calacanis (from across the room): "You're Perez Hilton!"

Perez (after a huge hug): "You're rich, you're hot... now tell me you're gay!"

Calacanis: "Two out of three ain't bad right?!?"

Calacanis' sale to AOL certainly makes him richer than most bloggers. And we'll let the jury decide on "hot." But the man who told Wired he dresses his fianc e as a schoolgirl for Halloween? About as gay as Donald Trump.

Perez and Calacanis—The True Hollywood Story Transcript [Calacanis.com]