Glam Media, the high-profile and controversial online ad network, has finally announced its big raise, after a year of fund raising: it has received $84.6 million in funding, with $64.6 million in fourth round venture funding and $20 million in revenue-based debt financing. The round has been rumored for a long time, and was initially supposed to be a total of $200 million. The company is keeping open the option of increasing the debt financing part to $100 million.

The equity-financing round was led by Hubert Burda Media, the German magazine and media company. Other investors for the round include: GLG Partners, Duff Ackerman & Goodrich Ventures (DAG), and existing investors Accel Partners, Draper Fisher Jurvetson, Walden Ventures and Information Capital. Hercules Technology Growth Capital provided the debt financing. The round values the company at around $500 million.

The company has expanded recently beyond its main focus on fashion sites, and is now working on women, entertainment and other verticals, mainly as an enhanced ad network. It has made a number of senior hires, brought in from traditional media companies. The new funding, besides expansion of business, may be used to make strategic acquisitions, the company said. Also, among the unsaid reasons is the looming recession, which means this might be a good time to fill the coffers.

WSJ says that Glam is targeting revenue of $100 million this year.

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