Flixster, a San Francisco based social network where users rate and discuss movies, closed a round of financing today with LightSpeed Ventures. This was a small round of financing – $2 million or possibly less, but there was apparently heavy competition from Sequoia Capital in the deal (and possibly Kleiner Perkins). Flixster has recently seen very heavy user registration and page view growth, so a sub-$10 million valuation, which this deal almost certainly was, could be considered quite cheap.
There are also rumors that major studios got involved in the Flixster bidding as well, either as an investment or an outright acquisition.
Look for an announcement in the coming weeks.
Update: Comments from founders in the comments (on their way to Aruba apparently) confirming the deal, and traffic stats in this post.