This came up today on a journalism blog I follow.
http://fleetstreetblues.blogspot.com/2009/10/triumph-of-hope...
How many journalists do you know who would look at a successful blog like iCanHazCheeseburger and say: "I should raise some money from friends and family, buy that blog, and then build a media empire out of similar blogs that I buy up."
If he says he doesn't know why his blogs are successful, it'd because he knows his former colleagues eat that stuff up during interviews and it makes for a funny story.
While luck undoubtedly played a part in his success so far, he was thinking about things entrepreneurially unlike most journalists who are just looking for the next paycheck.
Also, the fact that traffic across his sites has grown since he bought them shows he's a smart manager of his properties.