Blogs are big business, according to Blogs to Riches, a report by New York magazine, although you have to be in it already to be making silly money, according to its analysis.

This column appears in Internet Advisor, in the May 06 issue of PC Advisor, available now.

The problem, apparently, is that all the high-traffic blogs link only to other high-traffic blogs. This in effect rules out any startups, unless they’re exceedingly lucky.

But it’s not all about the money for Gawker Media owner Nick Denton. If anything, he's making his company unsaleable, according to Jason Calacanis – who should know because he recently sold his blog company, Weblogs Inc, to AOL for a reported $25m (about £14m).

Anyone who thought Calacanis would shy away from his controversial nature, now he was part of a big organisation, had their fears put to rest by his posting about Denton's gossip blog on Silicon Valley,

"I never believed Nick when he told me he wouldn’t sell Gawker (especially not after all my pals at the big portals told me that he was meeting with them). However, watching Valleywag alienate 90 percent of the industry over the past couple of days in such a personal and vicious way, Nick's convinced me that he could really care less," Calacanis wrote.

"Say what you will, the dude really doesn’t care what people think of him. I mean, how long can Gawker Media have a business relationship with Yahoo or Google at this rate?"

Not to let that pass, Denton soon responded in the comments section: "Jason, that's the sweetest thing you've ever written. I think of Valleywag as Gawker Media’s poison pill. No way any media company would want to own Gawker and Defamer, given the sites' tendency to dwell on the embarrassment of the moguls. With Valleywag, now we should be safe from the attentions of the tech companies, too. And if none of those sites are sufficiently off-putting, there's always Fleshbot [Gawker's porn blog]."

Of course, Denton's making plenty of money from his sites if New York magazine's figures are to be believed. More importantly though, he seems to be enjoying winding people up.