As ambitious as this aspiration might be, O'Donnell's publication enjoys some distinct advantages. And it's won a strong audience following in spite of being a pure creature of the Internet in that it could not draw from the resources or long standing reputation enjoyed by Web sites with a hard copy publishing track record such as the NY Times or the Washington Post. Moreover, O'Donnell recognized that the advantages sponsorship brings were particularly useful during the painful beginning of his publishing venture. In fact, O'Donnell secured the Borders relationship at the time Salon launched. Then pursue the sponsor whose product or service has nothing to do with the content of your site but who might partner because of the attractive demographics you attract.
Salon publishes one book review per day.
Borders sells books. If you're selling gourmet coffee, Toyota might love to sponsor your site but this is not readily apparent. Plan on a big sales force in the face of keen competition. You're not going to do it with one or two people. Avoid pitching a potential sponsor who does not have a Web site.