AOL to buy Weblogs Inc.

PaidContent.org is reporting that Weblogs Inc. (WIN), the blogging network founded by Jason Calacanis and Brian Alvey, is being bought out by AOL.  I’m not sure what AOL would want with WIN but they are reportedly paying $20 – 35 million dollars for the network of blogs.  PaidContent.org claims this information comes from multiple sources and is a done deal which should be announced this week.  Looks like Jason has the magic formula to sell companies every couple of years or so.  Calacanis refused to comment on the deal when approached at the We Media conference today but was carrying an AOL tote bag.