Multiple sources are reporting that Blip Networks, the corporate name of the domain Blip.TV has sold $6 million in shares with an option to sell another $5 million still on the table. The offering is being presumed as the beginning of Series D funding. Blip Networks has raised $24 million to date according to TechCrunch.

ComScore and Quantcast data shows that Blip.TV visits have largely stagnated over the past year, leaving the website with roughly 2.4 global visitors per month, something that Erick Schonfeld pointed out in his TechCrunch article. He also discovered that the company is not cash-flow positive.

Despite the recent fundraising efforts from Blip Networks, the company must answer leadership questions in the near future. Co-founders Mike Hucack and Dina Kaplan have left the company according to BetaBeat. For now, Steve Brookstein, a cable industry veteran, is acting as the CEO of the company.