I see PaidContent.org and Reuters are reporting that AOL are about to buy Weblogs Inc. network for $25m!

Weblogs Inc was set up by Jason Calacanis two years ago as a network of blogs and includes under its umbrella titles such as Engadget and Autoblog. According to Calacanis, Weblogs Inc earns in excess of $1m annually in Google Adsense revenues.

Congrats to Jason, $25m for two years work is, by any standards, a good return!