Paid Content reports that the two-year old blog media company founded by Jason Calacanis is being bought by America Online. The announcement should be done tomorrow morning. Weblogs Inc who includes our favorite site Engadget, Autoblog, TVSquad and others is said to have been bought for $35 million dollars. AOL intends to keep the company separate from its site. I guess we will wait to see what happens now. Congratulations to Weblogs, INC! This should be some motivation to would be Blog Media Companies.