In its latest incarnation, Netscape is a hybrid news site combining elements of social bookmarking, like Yahoo's Delicious, Digg and Slashdot, where users recommend and rank their top choices for news stories, and traditional news sites, where editors select their top picks.
"This is a new type of journalism," Calacanis said in a recent interview with CNET News.com. "I think it's a risk-taking, bold step by AOL."
Calacanis knew he wanted to do a news site that featured reader participation, but said he got the idea to have some editorial oversight when he read complaints about lack of transparency at Digg. A reader suspected Digg editors of gaming the site by pushing stories up without merit, or allowing readers to. Digg denied the accusation.
"I had an 'aha' moment," Calacanis said. "I was watching the controversy about Digg and I thought I would just put an editor on top of it to check the facts."
Readers will be able to track other reader activity, to see who submitted items and what they voted and commented on, he said.
Netscape is employing eight full-time anchors and 15 part-time specialists who will be giving "special treatments" to a couple of stories each day, he said.
For example, the anchor for the food and travel channel called a chef to get his response to a negative restaurant review. Another anchor called a New York Times columnist to ask about her motivation for writing a mean-spirited column about a celebrity.
"It will ruffle a few feathers" among journalists, Calacanis predicted.
Anchors will also appear on live video and have chats with readers about stories, he said. Users can also upload video.
"It's a smart way to differentiate themselves from Yahoo News and Google News and the CNBCs and big portal sites," said Bryan Keefer, assistant managing editor of CJR Daily of the Columbia Journalism Review. CJR Daily also has editors who scrutinize the media.
Before the relaunch, Netscape.com was a lackluster news repository, heavy with bullet points and headlines for items with titles like "Drunk Dictionary: Translate the Slurs" and "The Right Way to Touch Your Date."
The new Netscape features a group of main stories recommended by editors and a long list of reader picks listing the number of votes from readers, related images and links to comments, for 30 different topic channels. It also has profiles of anchors and frequent reader contributors, as well as lists of popular tags and channels.