Skip to comments.Salon Media Announces $5 Million Sale, ‘Bankruptcy and Liquidation’ Threatened If Deal Fails
Posted on 05/15/2019 11:03:03 AM PDT by RightGeek
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.
We have agreed to sell substantially all of our assets (the Asset Sale), including all pertinent intellectual property rights comprising the Companys business of owning, operating and publishing the website known as Salon.com, the filing read.
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.
The outstanding $3.85 million chunk would be paid in two subsequent installments over the next two years. News of the sale was first reported by New York Post columnist Keith Kelly.
The companys 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.
(Excerpt) Read more at thewrap.com ...
New way of begging for money to keep them alive one more election cycle
Threatened? Who's threatened?
Not me. I wouldn't mincturate on Salon if they were burning.
Hoping that the rag ceases to exist and that its principals go bankrupt.
Oh no! Where will I go for news, commentary, and political insights now?
We have agreed to sell substantially all of our assets (the Asset Sale)
Since when is stupidity and hatred of America an “asset”?
Salon is a liberal site. Apparently they have trouble competing.
Reminds me of air America
Total flop and failure
Liberals have zero talent on the airwaves and zero ideas
“That’s a shame”.
Why do they need radio, when they have all the other media?
You know folks, every one of these Lefty enterprises that fails, tells me one more time that Leftists are not buying all the swill that’s out there these days.
Salon, CNN, others...
Leftist ideology isn’t exactly winning converts out there.
It’s driving people away, and Leftist enterprises are failing.
Ain’t it a shame... /s
Fake news does not sell. If they had focused on honest, pro American content and not being a socialist, lbgqtrugx(whatever homo sexuals, pedophiles, and perverts call themselves these days)...BLM, muslim, anti-american cheerleading rag, they would not be in the boat they are in.
What a shame they may be gone (he says with a sarcastic smile).
Did George Soros buy it? Or one of his front organizations?
Another turd heading down the obamatube...
Gee, I guess not even liberals want to read that crap.
Can get the same "product" from NPR.
Wish that one was next.
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