Erick Schonfeld provides a detailed breakdown of the ad-network for blogs called Federated Media. He says:

Rather than launch 50 blogs that may or may not be interesting and sell advertising across them, Batelle is trying a different tack with FM Publishing. He’s collected about 50 high-quality blogs and Websites like BoingBoing, Digg, GigaOm, TechCrunch, and Techdirt to be part of his network. They focus on producing great content, and FM Publishing focuses on bringing great advertisers to them. It’s a distributed, er, federated, business model that positions FM Publishing at the crucial nexus betweeen its network of bloggers and its network of advertisers.

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