John Battelle turns down $100 million offer for Federated Media

When word leaked that John Battelle had hired San Francisco investment bank Savvian to "manage investor interest" in Federated Media, his online-ad network, the move raised a question: How interested were investors? $100 million interested, reports Erick Schonfeld at TechCrunch. That's the offer Battelle got, and turned down, from one unnamed investor. Schonfeld also points out this curiosity: At Battelle's last venture, the Industry Standard, the entrepreneur was the one pushing to sell out, not wait for a better offer.