Sunday Leader journalist Faraz Shauketaly was rushed to hospital after being shot in the neck.
A doctor who treated Mr. Shauketaly at the hospital told the BBC in Colombo the journalist was now out of danger.
Sri Lankan police said an investigation into the shooting is under way.
Mr. Shauketaly uses his home as a guest house in Mount Lavinia; one of the residents heard his screams after the shooting late on Friday night and drove him to hospital.
He was transferred to the private clinic where a doctor told the BBC the bullet had been successfully removed.
Another resident of the guest-house told the BBC: “Faraz said to us in the morning that his life was in danger, we didn’t see the people but I guess they may have shot at him from his window.”
Four years ago, the Sunday Leader’s editor, Lasantha Wickrematunge, was shot dead by a group of masked men on motorbikes.