Digg, that site you’re always hearing is important but don’t really understand why, might finally be sold.

Word on the street is that a major media player is set to buy the link sharing site for $300 to $400 million. While that number might seem a little 1999, Digg recently signed a $100 million multi-year ad deal with Microsoft.

Over at Valleywag, they’re guessing that the media player in question is the Washington Post Co., which already has ties with Microsoft through Slate. Well, Digg couldn't be any worse of an investment than About.com.