A new(?) way of pricing ads

Hi! I am currently working on a webapp that delievers news to users. The project is merely a hobby, but it might be fun to make a few bucks off it as well. I won't go into details on the app, lets just say if you like tech-news, thats what you get, if you like tech and science, you get science as well.

Lately I've been thinking of introducing ads, and how to make it blend with the real conten. The idea is to offer advertiseing-space in some of the biggest news-channels, like tech. I would then have a bidding round, on that slot (or your ad is shown more than your competitors ads).

The bidders offer what they think it's worth, while they don't know how much the other companies are offering, for example: Company A offers 1k, company B offers 1.5k and company C offers .5k. When all bids are made, the company that offered the most money ends up having to pay, while the others get free advertisement. Company B, who won the bidding, will then get much more time than the other companies, but their ads will also be shown, how much depends on what they offered.

That's pretty much it, what do you think? And please, no "the web is full of news-crawlers, you'll never make a single buck", I know, and I don't care.