A weird statement in an early graf in this article:

"As of late August, about 85 high-profile blogs, including BoingBoing and Digg, had joined the flock of Mr. Battelle's Federated Media, giving up a slice of their ad dollars for the exposure to the bigger advertisers and better rates that a bit of scale gets them."

That implies that we would otherwise have retained that slice -- as if there were no costs in obtaining advertising at a lower rate or with smaller advertisers. The imputation is accidental, but given that FMP retains far LESS revenue than any other advertising sales organization of its kind (online, and I'd imagine off).

Good point Glenn. I agree. Certainly you give up an equal if not larger slice to third party networks Google, for example!