While Medium raises more money, Facebook is looking to establish itself in web publishing and become more like Medium

You might have heard: Publishing platform Medium has raised $57 million in its latest funding round, valuing Medium at about $400 million (Re/code)

But did you know: As online content moves away from individually hosted blogs and toward distributed content, Medium has established itself as a leading platform for web publishing, Mathew Ingram writes. That’s likely why Facebook’s redesign of its notes feature looks a lot like Medium as it tries to establish itself as a distributed medium platform. Ingram writes: “Just because Facebook has redesigned Notes and is partnering with media companies, of course, doesn’t mean that it will be able to attract the readers and partners it wants to, or that its attention won’t wander and eventually be directed elsewhere. But for Medium and other content platforms, it can’t be counted out — which is perhaps why the startup decided now might be a good time to raise some cash.”

+ Why Medium might be worth its $400 million valuation for being this generation’s version of PR Newswire: “Medium has become a dumping ground for a different generation’s press releases. … If Medium can succeed at turning these cleverly disguised press releases into a profit stream, it’s obvious why it would be worth $400 million” (Business Insider)