Glam Media Will Test Investors' Appetite for Digital-Media IPOs

Glam was founded in 2005 by former Apple exec Samir Arora and funded at $130 million by a glittering coterie of Silicon Valley venture capitalists, including Tim Draper. Its business model is as old as advertising itself: Place big, lush display ads where users will see them. In this case, that means 2,500 websites -- mostly geared toward women -- you've probably never heard of, such as Women's Forum, SheFinds and 101 Cookbooks.

Glam CEO Mr. Arora enjoys talking about how Glam is No. 1 in reach and revenue among properties targeting women. "We don't have any competitors in the women's space, not even close," he said. Glam was the 10th most-trafficked U.S. web property in November, with 83.9 million unique visitors, according to ComScore.

Glam bought Ning, a platform for building social communities, for a reported $150 million late last year. Jason Rosenthal, Ning's exec VP-general manager, said a product is in the pipeline to help users "discover, find and curate some of the best content" across Glam's verticals.