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Salon Media Announces $5 Million Sale, 'Bankruptcy and Liquidation' Threatened If Deal Fails
Salon Media says they have reached an 11th hour deal to sell the company and its flagship property Salon.com for $5 million. In an SEC filing, Salon also revealed its position was dire and that it would face imminent "bankruptcy and liquidation" if the deal should fall through.
[...] The company buying Salon was named only as Salon.com LLC and appeared to be getting an even better deal than the top line figures first suggest. To complete the sale, the buyer need only pay $550,000 at closing, with an additional $100,000 left in an escrow account. The filing also showed that a deposit of $500,000 had already been paid.
[...] Though it was once a powerful force in the early days of internet blogging and a prominent incubator of talent, the website has fallen on hard times in recent years. On May 3, the filing revealed, CEO Jordan Hoffner departed the company. Salon's longtime chief financial officer, Elizabeth Hambrecht, also jumped ship last October.
[...] The company's troubles, however began long before and were documented in detail in a 2016 Politico Magazine story, which revealed that for years Salon — deeply unprofitable — had been kept afloat by elderly benefactors, John Warnock, a co-founder of Adobe, and Bill Hambrecht a venture capitalist. The two are now 78 and 84 respectively.
"Because Salon has run deficits for almost every quarter since it was founded, the company has relied on regular interest-free cash advances from Warnock, chairman of Salon's board, and Hambrecht, a board member," Politico wrote at the time. "From Salon's founding until the end of 2015, the most recent data available, Warnock and Hambrecht have given the company nearly $20 million in cash advances, and Warnock also personally guaranteed a $1 million line of credit."
(Score: -1, Troll) by NPC-131072 on Wednesday May 15 2019, @10:41PM (3 children)
Hello frens,
We on the morally superior left must deplatform all profitable news outlets [dailycaller.com] immediately or we risk never realizing glorious socialism. Soon there will be no leftist media outlets around [thecut.com] to fight white supremacy. [salon.com] Our brave journalists can't all feed at the teat of Mother Jones, they need Salon more than ever. [salon.com]
We need to support freedom of the press - deplatform Fox News now!
#REEEEeeesist!
(Score: 1, Offtopic) by Alfred on Wednesday May 15 2019, @10:46PM
#MeToo?
(Score: -1, Flamebait) by Anonymous Coward on Wednesday May 15 2019, @11:46PM
Hello comrade,
The International Committee of the Fourth International and their publication of record, World Socialist Web Site, will still be around to fight white supremacy. Recently, the ICFI's youth organization, the International Youth and Students for Social Equality, held a series of lectures on postmodernism and how nationalism, white supremacy, and identity politics are cultivated by the bourgeoisie in order to subjugate the workers of the world: IYSSE in US holds successful meetings on postmodernism and identity politics [wsws.org].
Also fighting against white supremacy is Black Agenda Report [blackagendareport.com]. libcom.org [libcom.org] updates less frequently but is another good source of leftist news that includes anarchist perspectives in addition to socialist. For the social-democrat perspective, there are our comrades at Socialist Alternative [socialistalternative.org].
An injury to one is an injury to all! For world socialist revolution!
(Score: 0) by Anonymous Coward on Thursday May 16 2019, @04:27AM
👌👌