Every once in a while (see here and here), someone will comment on how the Mercury News let its most popular blog, SiliconBeat, slip away. SiliconBeat was a popular and well-respected technology and venture capital blog that colleague Matt Marshall and I founded in 2004. We published it, day-in and day-out for about two years, until Matt left the Merc and launched a very similar VentureBeat blog. SiliconBeat’s archives live on, but the blog is defunct.

There is a long story about how SiliconBeat died. No one wants to hear that, I’m sure. The short story is this: Matt passionately wanted to become an entrepreneur and start his own news web site. He was set on leaving the Merc. And the Mercury News and Knight Ridder, then the Merc’c parent company, couldn’t think creatively about how to take a stake in that venture and keep SiliconBeat in the family.

We tried. Matt and I met with Knight Ridder and Merc executives many times over the course of a year to try to convince them to invest in a new, bigger and better SiliconBeat. We had a detailed business plan. We had revenue-sharing ideas. The works. But Knight Ridder was in the midst of imploding, and couldn’t make a move. And the Merc…well, investing in a start-up just wasn’t a concept that publisher George Riggs could wrap his mind around.

It’s too bad for the Merc. SiliconBeat is still a top-10 blog for the Merc just from Google searches alone. It could have been so much more. Instead, the credibility that we built in the Silicon Valley start-up community largely went out the door with Matt when he launched VentureBeat, in my view.

But I’m also not surprised it worked out this way. Blogging is often a second full-time job for newspaper reporters (it often felt that way for Matt and me), but rarely do they get paid extra or otherwise compensated when their workload doubles overnight, or when they cultivate a new niche audience for their employers. The temptation to strike out on your own and go independent is strong, particularly when companies such as Federated Media are standing in the wings waiting to help. There’s money out there, if you’re smart and lucky.

I’m quite sure we’ll see other high-profile, popular newspaper bloggers go independent, taking their audiences with them. I have no inside knowledge about what’s happening with TV writer/blogger Tim Goodman at the San Francisco Chronicle. But I find it interesting that in his most recent post on SFGate, he says he going on vacation, but that he’ll be blogging on his new, personal TV blog. “I’m working out what role The Bastard Machine will play for me in the future,” he says cryptically. His new blog, meanwhile, is humming along, with many comments per post.

What’s a newspaper to do when a blogger gets too big for his britches? I don’t have all the answers, but acknowledging that he might need new pants is probably a good place to start.