Eric Eldon at Venture Beat is reporting on a rumor that ad network Federated Media has raised $50 million in venture capital on a $200 million valuation. Eric told me the source is solid but of course take all rumors as just that. To-date Federated Media has raised just over $7 million including $4.5 million last August.

Eldon notes regarding Federated Media's (FM) income statement, "The Sausalito, Calif.-based company generated roughly $20 million to $23 million in revenue last year (not profit), according to one of the sources. Both sources say that FM is on target to make around $60 million this year, with some profit."

FM has done an amazing job of signing on the top blogs and Web sites and has pushed the envelope (and asked for forgiveness).…