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Despite its reliance on advertising revenue in a difficult economic environment, Buzznet announced Thursday it has raised a $12.5 million fourth round of venture funding.

Focus Ventures led the round, with existing investors Anthem Ventures, New Enterprise Associates, Redpoint Ventures, and Sutter Hill Ventures participating.

Buzznet, which operates such Web sites as Celebuzz, Socialite Life and Videogum, nick kca also announced that it is changing its name to Buzz Media.

Buzz Media declined to comment on whether it received a higher or lower valuation in its fourth round. But CEO Tyler Goldman said: "I thought it was a fair valuation and a high valuation."

In the fall of 2007, the company raised approximately $15 million in a third round of funding. To date, Buzz Media has raised approximately $35 million, Goldman said.