Pajamas Media announces some significant funding:

EL SEGUNDO, Calif., Nov. 14 /PRNewswire/ -- Pajamas Media, a new media venture designed to bring together bloggers, journalists and commentators under a single umbrella, today announced it has closed its first round of private financing in the amount of $3.5 million. Pajamas Media will use this investment to build out its operations and marketing efforts and to expand its news and opinion coverage. Pajamas Media will be renamed at its official launch on November 16th in New York.

The fact that Pajamas Media has gotten a significant investment, coupled with the fact that it's attracted a top-flight editorial board, should make some people very nervous and others very happy.