Since you asked: I like the position of the words, but I'm not sure about the h-d-p connection. The shared A should be ok even if you lower the p slightly. I'm glad you dropped the blog network, podcast, and channel. Not everyone would have a clear idea of what a blog network is and podcast and channel could conceivably be the same thing. So the skeletons might have had copyright issues?
To me it hampers readability for me to have them all connected, at least in the current layout. Here's how it looks with h and d split to the letters' natural depths, for comparison. Still feels a little crowded though, might need to be spaced out a little more. Then again, I'm no graphic designer.
Well the channel/podcast distinction might be confusing now... but they won't be soon enough :)