You may have noticed the recent launch of online magazine Yonge Street, part of a network of similar sites across North America led by Detroit-based Issue Media Group. They have an interesting revenue model based on sponsorship rather than advertising, the focus being on long-term commitments by major brands. You can read more about how it works at Torontoist.com. One interesting quote:

If advertisers pay for advertisements because they want to make money or become well-known, then sponsors pay for sponsorships because they already have money and are well-known, but would also like to be thought of nicely, or to support a cause they endorse.