News blog company lands large investment, prepares for launch

Pajamas Media, "a new media venture designed to bring together bloggers, journalists and commentators under a single umbrella," announced in a press release that it has closed a $3.5 million investment deal. It will be officially launched on November 16, marked by a New York event where controversial former New York Times reporter Judith Miller will keynote and the company will change its name.

The investment and buzz over the launching at times when many investors are cautious about traditional media demonstrates the growing influence that blogs are having on the spheres of media and journalism.

Source: L.A. Observed