Buzznet, which operates several pop culture websites, has raised $12.5 million in VC funding.  Along with its funding announcement, the company has also announced a name change to Buzz Media, Inc.

Focus Ventures, led this third round of financing for Buzz Media, joined by Anthem Ventures, New Enterprise Associates, Redpoint Ventures and Sutter Hill Ventures.  This brings Buzz Media’s total funding to an estimated $35 million.  

Based out of Los Angeles, Ca., Buzz Media operates a variety of pop culture themed websites.  From music news to celebrity buzz, Buzz Media covers a wide range of Hollywood topics.  These sites include, Absolute Punk, Celebuzz, Hollywood Tuna, and Lyrics.com.  Buzz Media also runs several celebrity blogs for top names like Britney Spears, Kim Kardashian and Nicole Richie.  These destinations currently bring Buzz Media an audience of 40 million unique monthly users.

Buzz Media was founded in 2005 by Anthony Batt, who now plays the role as President of the company.  He considers himself a music and Internet junkie.  He also played a “significant role” in the development of Craigslist, according to Buzz Media’s site.  

Where’s the $12.5 million going?  Buzz Media would like to focus on continuing to grow its network of sites.  Although the company’s main revenue stream comes from the declining advertising market, Steve Bird from Focus Ventures believes, “these types of highly targeted and content-rich experiences are a major part of the future of advertising on the web.”