Jason McCabe Calacanis had an enviable problem. Advertisers eager to reach niche audiences were banging on his door. But the CEO of Weblogs Inc., a collection of 90 blogs, didn’t have enough front-page space to sell them. Calacanis huddled with investors to devise a plan to scale up the business. Instead, on Oct. 6, he sold Weblogs to America Online Inc. (TWX ) for a reported $25 million.