AppNeta, a Wellesley Hills, Mass.-based provider of cloud-based network performance management solutions, has acquired Tracelytics, a Providence, R.I.-based provider of application performance management SaaS. No financial terms were disclosed. AppNeta has raised over $35 million in VC funding from firms like Bain Capital Ventures, Egan-Managed Capital, JMI Equity, and Business Development Bank of Canada. Tracelytics had raised over $5 million from Bain Capital Ventures, Google Ventures, Battery Ventures and Flybridge Capital Partners. www.appneta.com

Mediatek (Taiwan: 2454) has offered to acquire rival chipmaker Mstar Semiconductor (Taiwan: 3697), in a deal that would value Mstar at approximately $3.8 billion. www.mediatek.com

Seven Group (ASX: SVW) may bid to acquire Consolidated Media Holdings (ASX: CMJ), an Australian pay TV company that recently received an A$1.97 billion takeover bid from the Australian unit of News Corp. (Nasdaq: NWSA), according to Reuters. www.cmh.com.au

Turner Broadcasting System, a unit of Fortune publisher Time Warner Inc., is in talks to buy sports news site Bleacher Report for around $200 million, according to Dow Jones. Bleacher Report has raised in VC funding, from Oak Investment Partners, Crosslink Capital, Hillsven Capital and SoftTechVC.www.bleacherreport.com

Valassis Communication (NYSE: VCI) has acquired Brand.net, a San Mateo, Calif.-based online display, mobile and video advertising platform. No financial terms were disclosed. Brand.net had raised around $27 million in VC funding from Norwest Venture Partners, InterWest Partners and Focus Ventures. www.velassis.com