EL SEGUNDO, Calif., Nov. 14 /PRNewswire/ -- Pajamas Media, a new media
venture designed to bring together bloggers, journalists and commentators
under a single umbrella, today announced it has closed its first round of
private financing in the amount of $3.5 million. Pajamas Media will use this
investment to build out its operations and marketing efforts and to expand its
news and opinion coverage. Pajamas Media will be renamed at its official
launch on November 16th in New York.
The investor group is led by Aubrey Chernick, angel investor and
technology entrepreneur, and also includes Jim Koshland, a leading member of
the Silicon Valley venture capital and technology community, and a DLA Piper
Rudnick Gray Cary venture capital investment partnership.
"Securing this first round of venture backing validates the Pajamas Media
business model and will go a long way towards helping us create an environment
that will deliver on our pledge to change the way people report and access
news and commentary," said Pajamas Media CEO Roger Simon. "What we are trying
to do is not something that can be done on a whim. It requires a massive
commitment from our team and from our platinum line up of contributors and
writers. It also requires capital. We feel fortunate to have the support of
our private investors."
"We are pleased to be involved with Pajamas Media in an era when the
demand for new and unique channels of information grows and the convergence of
blogging, news coverage and advertising begins," said Jim Koshland. "We
anticipate that Pajamas Media will have a profound and positive market impact
due to its outstanding team and unique business approach. We believe
successful industry trends such as AOL's acquisition of Weblogs validates the
emergence of blogging as an important new media market. This financing will
allow the company to accelerate its growth and solidify its market position."
For more information on Pajamas Media's New York event, please contact Ben
Hohmann at firstname.lastname@example.org or (650) 228-5187.
About Pajamas Media
Pajamas Media is a new media venture designed to provide an open forum
where thoughtful journalists and bloggers join together to provide compelling
content in a single source that will, in turn, complement and re-define
journalism in the 21st century. Upon its official debut in November 2005,
Pajamas Media will feature content from over 70 noteworthy bloggers. The
company was founded in 2004 by acclaimed novelist and screenwriter Roger L.
Simon and Charles Johnson, software designer, musician, and author of Little
SOURCE Pajamas Media, Inc.