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An excerpt from the article on 24/7 Wall Street:
After years in the shadows of major media sites, blogs have come into their own. They now compete directly with the most well-funded online content sites, many of which are owned by the largest media companies. With the rise of several blogs, which are extremely successful both financially and editorially, the mainstream content corporations have tried to either flank or buy them. Many mainstream companies like The New York Times have started dozens of blogs of their own.