A media website that officially debuted yesterday seeks to blend traditional journalism and blogs, writes the Associated Press. Some 70 online journalists, including Instapundit's Glenn Reynolds and the Nation's David Corn, are participating in OSM - Open Source Media, formerly blog network Pajamas Media.

The ad-supported OSM site will also carry news feeds from Newstex, which receives stories from the AP, Knight-Ridder/Tribune News Service and other traditional media organizations.

OSM will link to blog postings and highlight the best contributions, chosen by editors, in a special section. Bloggers will be paid based on traffic they generate.

OSM/Pajamas has raised $3.5 million in first round funding, writes paidContent. The investor group is led by Aubrey Chernick, angel investor and technology entrepreneur.

Previous stories:

- Pajamas Media Blog Network Announced
- 'Pajamas' Blog Ad Network Being Stitched Together