Doing the math on Pajamas Media.

"Roger Simon’s claim that the ad network lost money from day one is the result of extremely poor business decisions, and that all they had to do to make it work was tell their bloggers the truth and simply renegotiate CPM rates."

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"The fact of the matter is, these righty bloggers were kept financially afloat by PJM in an attempt to institutionalize the wingnut blogosphere as an alternative to the perceived liberal MSM. Given the American people's distaste for conservatism as practiced by George W. Bush (which can be argued was a perversion of it) and desire for change, the money wasn't there because no one cared about what these bloggers had to say or was willing to pay them to say it in this climate."

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And here, Roy has fun surveying the rightosphere reaction.