[qi:020] In what has to be the worst PR moves of all time, General Atlantic, a New York-based hedge fund, announced that it was backing a new buyout fund started by Jon Miller, former CEO of AOL and Ross Levinsohn, former President of Fox Interactive.

No details on the size of the fund were offered. TechCrunch says that some reporters might have been sniffing around the story and GA decided to rush the release in order to control the message.

Reporters from Wall Street Journal perhaps? The Journal says the new company is called Velocity Investment Group and will be looking to roll up at consumer Internet and media companies, including advertising networks. WSJ says that they already have signed up letter of intent with some companies.

How long before we see more of these roll-up vehicles show up and start buying up high-traffic properties, a strategy that was pioneered by IAC’s Barry “Get Me A Bargain” Diller?