Digg.com, the most popular social media sites on the net with millions of visitors per month and one of the largest user-generated content sites is up for sale with a price tag of $300 million.

Venture Beat reports:

A reliable source just confirmed the company’s plans, noting the company has hired Allen & Company, a tiny but influential private investment firm, to help broker a deal. The asking price is still $300 million, the source said.

We asked Digg founder Kevin Rose about a potential sale, and Allen & Company’s involvement. He told us, unsurprisingly, that “we never comment on things related to acquisitions.”