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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: 2) by The Mighty Buzzard on Thursday May 16 2019, @12:15AM (20 children)
Yeah, that's exactly what the tech sector needs. More progressive idealists. Yay.
My rights don't end where your fear begins.
(Score: 1, Insightful) by Anonymous Coward on Thursday May 16 2019, @01:02AM (12 children)
Actually yes. Mostly we have libertarian anarcho-capitalists shitting things up. A few others trying to APPEAR progressive, but not that many who really have such beliefs. It amuses me a little bit watching you libertarian freedom types scream bloody murder over the very people who share your beliefs.
If tech was the progressive haven you preach about then Facebook, Reddit, Twitter, etc. would be kicking all the bigots off with no second thoughts. Surprise surprise, such things only happen when the media picks up on it and makes the cesspits visible enough that the backlash of public outrage and ad purchasers backing out forces these companies to make a stand.
We've been over this enough but you don't budge an inch. I truly think you are capable of rising above the capitalist propaganda, but who knows what watershed moment will wake you up.
#woke is very simple. It isn't about promoting anti-white anything, and it isn't about implementing authoritarian measures. It is simply about non-bigotry in all forms. Sexism bad. Racism bad. Economic exploitation bad.
What is actually happening is that tech is being subverted to manipulate the masses. The echo chambers are 1/2 intentional and 1/2 self-reinforcing, but the end result is that people adopt more extremist positions. Insane bullshit is bought hook, line and sinker by people on both sides. The end result is increased violence and hatred that reinforces these divisions.
There is blame on both sides to be sure for promoting these divisions, but it falls on each of us to sift the bullshit from the truth. Currently fascism is on the rise so choose your allies carefully and please please please use history as a guide.
(Score: 3, Insightful) by Azuma Hazuki on Thursday May 16 2019, @01:28AM (2 children)
He's already chosen his allies. You're talking to someone who's been "alt-lite"-converged since before the term existed, which is doubly unfortunate when his self-asserted Indian heritage comes into play...
I am "that girl" your mother warned you about...
(Score: 0) by Anonymous Coward on Thursday May 16 2019, @02:16AM (1 child)
Oh I know, just yelling into the wind. At the very least maybe it blunts his acceptance of the more vile shit.
(Score: 2) by Azuma Hazuki on Thursday May 16 2019, @02:25AM
Not this guy. His entire internal universe revolves around himself; his core belief is that he's never really and truly wrong, not really, not about things like this. I should know, I've been dealing with him for years...
I am "that girl" your mother warned you about...
(Score: 2) by The Mighty Buzzard on Thursday May 16 2019, @03:34AM (7 children)
Libertarian anarcho-capitalist is the default state of being for an American, so that doesn't say very much.
My rights don't end where your fear begins.
(Score: 3, Touché) by Anonymous Coward on Thursday May 16 2019, @07:37AM (6 children)
I thought wage-slave was the default state of being for an American.
(Score: 3, Insightful) by The Mighty Buzzard on Thursday May 16 2019, @07:46AM (5 children)
Wage slavery is a choice. You're free at any time to play some Johnny Paycheck and become your own boss. Most people don't because they don't care how bad things are as long as they're predictable.
My rights don't end where your fear begins.
(Score: 0) by Anonymous Coward on Friday May 17 2019, @12:04AM (4 children)
Libertarian anarcho-capitalist is also a choice. You're free at any time to change your opinions and become a communist or fascist or middle of the road some-government-is-good-ist.
(Score: 2) by The Mighty Buzzard on Friday May 17 2019, @04:24AM (3 children)
True but only because our founders were libertarian anarcho-capitalists. If they followed you lot's playbook state indoctrination would be mandatory and wrongthink would be an imprisonment offense.
My rights don't end where your fear begins.
(Score: 0) by Anonymous Coward on Friday May 17 2019, @07:21AM (2 children)
My lot? And which lot are you assuming I'm in? And the US founders were less libertarian anarcho-capitalists than wealthy landowners that were trying to A) make sure they stayed in power and B) get a batch of other wealthy landowners (the colony leaders that weren't at the convention) that wanted to stay in power to cooperate and give up some power. Definitely not anarchist type. Just look at the Sedition Act of 1798.
(Score: 2) by The Mighty Buzzard on Friday May 17 2019, @10:39AM (1 child)
I'm assuming you're in one of the many lots that aren't libertarian anarcho-capitalists, duh. Any of them that view liberty with contempt because human nature conflicts with their grand vision will do. They're really all just different flavors of the same thing.
My rights don't end where your fear begins.
(Score: 1, Insightful) by Anonymous Coward on Friday May 17 2019, @02:15PM
Liberty is great, for the lone person on a deserted island. Once you start putting people together then you need to start making compromises and rules. The differences are in who makes the rules, how many rules, and how the rules are enforced.
(Score: 0) by Anonymous Coward on Thursday May 16 2019, @03:14PM
So, what you're saying is ...
... you can tell genuine progressives by how quickly they silence/shun/banish/deplatform people they don't like.
Got it. Thanks for clearing that up. Sound like a swell bunch of guys, committed to open debate and compromise.
(Score: 2) by Azuma Hazuki on Thursday May 16 2019, @01:26AM (6 children)
And what the fuck do you think Stallman was exactly?
I am "that girl" your mother warned you about...
(Score: 0) by Anonymous Coward on Thursday May 16 2019, @03:15AM
Hairy.
(Score: 2) by The Mighty Buzzard on Thursday May 16 2019, @03:29AM (3 children)
A hippy loon. Pretty good beard growing skills though.
My rights don't end where your fear begins.
(Score: 2) by Azuma Hazuki on Thursday May 16 2019, @09:36PM (2 children)
You owe that man damn near the entire Free Software movement.
I am "that girl" your mother warned you about...
(Score: 2) by The Mighty Buzzard on Friday May 17 2019, @04:27AM (1 child)
And? That doesn't contradict what I said. He absolutely is a loony-assed hippy.
My rights don't end where your fear begins.
(Score: 0) by Anonymous Coward on Friday May 17 2019, @03:40PM
You're an idiot, but that's ok because we totally hold it against you.
(Score: 0) by Anonymous Coward on Thursday May 16 2019, @05:00AM
When I met RMS (before his current fame/notoriety) he was: a) very introverted unless you got him started on programming or another favorite topic, b) a true elite programmer (that is, hacker, in the traditional MIT usage), c) uncompromising, even way back then.