When Pajamas Media launched a few years ago, I was skeptical about its chances for success (even though I was, and still am, a regular reader of many of the blogs in its network). It reminded me of the numerous dot-com operations that were built on venture capital years earlier.

My skepticism grew when I became the executive producer of Eyeblast.tv and learned, through our marketing director, how difficult it was to negotiate ad placements through Pajamas Media. Running ads there would have helped us promote the Eyeblast brand to a key demographic, conservative bloggers, but we never did buy any space. The hassles were many, and the rate was too high.

Now comes word that Pajamas Media is killing its blog ad network as of March 31. Some of the bloggers who had grown accustomed to quarterly subsidies aren’t too happy about being “off the dole“; others are pondering their futures online with more introspection; and bloggers who never had a stake in Pajamas Media are weighing in, too.

For what it’s worth from the perspective of this 20-year mainstream journalist who also has endured two layoffs in the online media startup world, once in 2000 and once a couple of months ago, I believe Atlas Shrugs is onto something:

I thought PJM was going to rival AP, UPI, Reuters. Finally, a news portal of citizen bloggers and journalists that would counter the Pali stringers and left-wing biased journalists of the news-gathering agencies. But PJM went off the rails. [Founder Roger] Simon decided to chase big names for big money, but to what end?

I have seen the same problem in many newsrooms. As the associate editor of IntellectualCapital.com, I constantly made the case (unsuccessfully) for spending less money to find new voices rather than buying “names” in an effort to generate The Almighty Buzz. IC folded in 2000.

Pajamas TV was chasing buzz when it hired “Joe The Plumber” as its war correspondent in Gaza. The company has indeed gone off the rails, and unless it changes course, another venture soon will be added to the growing ash heap of new media history.

Read a roundup of reactions in the extended entry.

The Anchoress: “Change is not a terrible thing. Stagnation is, and even water, when it is still too long, becomes stagnant and hard. It’s important to be open, so I will embrace this change with optimism, and trust that something better is in store for me down the line.”

Ann Althouse: “Any business could fail in this environment. So, what does it say about how good that business model was in the first place? My concern was always, which business model is better for us writers, and I thought it was Henry [Copeland of Blogads].”

Balloon Juice: “I understand there is an inordinate amount of bad feelings and some hostility being chucked around, and I want no part in it. Roger Simon and the others at PJ always kept their word to me.”

Confederate Yankee: “Only the advertising network, which never made any money, is going away. Pajamas Media and PJTV.com live on, and are in an apparent expansion phase.”

Dr. Melissa Clouthier: “Pajamas leadership decides now, to turn toward TV. Now this, I don’t get. I’ve learned the hard way that video doesn’t work well with blogging. … I’m not saying videos aren’t a good idea generally. In fact, I feel like one thing that is missing on the conservative side are good, humorous short videos demonstrating leftist stupidity and/or teaching conservative principles in a funny way. Still, I’m not sure people would pay for them.”

Hot Air: “Business is business, red in tooth and claw. I just hope there’s a conservative entrepreneur out there willing to snap up some of the talent that’s now on the market.”

The Moderate Voice: “Both new and old media have recently chased after some of the same revenues. And now both feel some pain. Now, both sides can look at the other and gloat. … The fact is: this is a shakedown period and PJ Media will remain an Internet presence, but not in the way in which some hoped — and on which some writers had relied.”

The Other McCain: “Believing in capitalism means believing in change. It appears that the investors bankrolling PJM want to specialize more in online video production. It’s their money and they can do what they want with it.”

Protein Wisdom: “What this means is that as of April 1, I am officially out of work. So save going to a pay model, this site will likely have to shut down. Small price to pay for helping PJM pick up an audience and credibility during its ‘formative years.’” And more here: “I wouldn’t be surprised to find that blog space abhors a vacuum. It’s just that there’s no ‘conservative’ equivalent of a Sorosugardaddy to fund the media on ‘our side.’”

Rightwing Nuthouse: “There seems to be the notion abroad that PJM ‘betrayed bloggers who signed up. And this from conservatives on a conservative website? PJM and bloggers like me entered into a contractual business arrangement. … Bloggers who went with PJM rather than another ad company made a business decision. The market has had its way and has now spoken. How this constitutes a ‘betrayal’ is a mystery.”

Tools Of Renewal: “PJM’s new hope is PJTV, a pay video site. Where you can pay to watch Glenn and Helen Reynolds. This is not unlike asking people to pay to be punched in the face. It will fail. I can’t understand why anyone would think it could succeed.”