A mystery: how does a company as sleazy as Pay Per Post, the blog payola network, make Always On's list of the top 100 private media companies, alongside some real stars such as Digg and Craigslist? Not that it really matters, because Tony Perkins, boss of Always On, carries much less authority in the Valley than he did when publishing the Red Herring in the 1990s. But, it's still curious. Well, curious, until one looks at Pay Per Post's investor list, which includes Tim Draper of DFJ, one of the publisher's most loyal friends in Silicon Valley venture capital. Does anyone feel like doing the hard work, and checking how many other DFJ investments made the list?

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