Valleywag seeking $10 million among VC blog feeding frenzy

What is Michael Arrington smoking? His self-indulgent fantasy: All the bloggers should band together into a "dream team," owning equity in the joint venture. "Someone needs to pony up a big round of financing around an existing blog, or perhaps a new entity, and then start rolling them up into a big fat CNET crushing $200 million/year in revenue business," he writes. That existing blog he has in mind is obviously TechCrunch, though he never comes out and says it. What pushed him into this delusion? A rumor that Silicon Alley Insider is raising a $3 million to $5 million round and that PaidContent is also seeking more financing, a charge founder Rafat Ali doesn't exactly deny. Arrington doesn't want his competitors to raise money, because that will screw his ambitions for a big blog rollup.

For the record, Valleywag is seeking to raise $10 million. What? For an equity stake in this blog? Are you an idiot? Nick Denton doesn't toss around shares like that Craig Newmark twit. We're hoping someone will just give us the goddamn money and go away.