Instapundit has been incorporated into Pajamas Media. James Joyner doesn't understand what is in it for Reynolds:

I don’t see what Glenn gets out of it. He’s easily the most well known and highly trafficked solo blogger out there. One would think he already enjoys whatever synergies come with being a PJM founder and board member. His feed is now prominently placed on the PJM page but one would think there’s pretty high overlap between InstaPundit readers/subscribers and those who visit the PJM portal.

I imagine it's easier to sell ads in a bundle. And Glenn probably doesn't have to do too much administrative work on his end. Win-win, if they've made a deal to split the revenue equitably.