It is difficult to explore large text collections if no or little information is available on the contained documents. Hence, starting analytic tasks on such corpora is challenging for many stakeholders from various domains. As a remedy, recent visualization research suggests to use visual spatializations of representative text documents or tags to explore text collections. With PyramidTags, we introduce a novel approach for summarizing large text collections visually. In contrast to previous work, PyramidTags in particular aims at creating an improved representation that incorporates both temporal evolution and semantic relationship of visualized tags within the summarized document collection. As a result, it equips analysts with a visual starting point for interactive exploration to not only get an overview of the main terms and phrases of the corpus, but also to grasp important ideas and stories. Analysts can hover and select multiple tags to explore relationships and retrieve the most relevant documents. In this work, we apply PyramidTags to hundreds of thousands of web-crawled news reports. Our benchmarks suggest that PyramidTags creates time- and context-aware layouts, while preserving the inherent word order of important pairs.