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Salon Media Announces $5 Million Sale, ‘Bankruptcy and Liquidation’ Threatened If Deal Fails
The Wrap ^ | 5/15/2019 | Jon Levine

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 Company’s 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 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.

(Excerpt) Read more at thewrap.com ...


TOPICS: Culture/Society; News/Current Events
KEYWORDS: adobe; billhambrecht; dnctalkingpoint; dnctalkingpoints; johnwarnock; liberalmedia; mediawingofthednc; partisanmediashills; presstitutes; salon; salonstockdeathwatch; smearmachine
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Scum found it's own level in the septic tank.
1 posted on 05/15/2019 11:03:03 AM PDT by RightGeek
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To: RightGeek

New way of begging for money to keep them alive one more election cycle


2 posted on 05/15/2019 11:05:42 AM PDT by a fool in paradise (Denounce DUAC - The Democrats Un-American Activists Committee)
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To: RightGeek
alon Media Announces $5 Million Sale, ‘Bankruptcy and Liquidation’ Threatened If Deal Fails

Threatened? Who's threatened?

Not me. I wouldn't mincturate on Salon if they were burning.

3 posted on 05/15/2019 11:07:16 AM PDT by Steely Tom ([Seth Rich] == [the Democrat's John Dean])
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To: RightGeek

Hoping that the rag ceases to exist and that its principals go bankrupt.


4 posted on 05/15/2019 11:07:38 AM PDT by I want the USA back (Islam, not a religion, a totalitarian political ideology aiming for world domination. -Wilders)
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To: RightGeek

Oh no! Where will I go for news, commentary, and political insights now?


5 posted on 05/15/2019 11:07:54 AM PDT by ProtectOurFreedom
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To: RightGeek

“We have agreed to sell substantially all of our assets (the “Asset Sale”)

Since when is stupidity and hatred of America an “asset”?


6 posted on 05/15/2019 11:08:35 AM PDT by carriage_hill (A society grows great when old men plant trees, in whose shade they know they will never sit.)
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To: RightGeek

Salon is a liberal site. Apparently they have trouble competing.


7 posted on 05/15/2019 11:08:53 AM PDT by Dilbert San Diego
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To: I want the USA back

Reminds me of air America
Total flop and failure
Liberals have zero talent on the airwaves and zero ideas


8 posted on 05/15/2019 11:09:02 AM PDT by Truthoverpower (The guvmint you get is the Trump winning express !)
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To: a fool in paradise

9 posted on 05/15/2019 11:09:47 AM PDT by Rocky Mountain Wild Turkey ("I have an open mind ... just not so open that my brain falls out onto the floor!!")
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To: RightGeek

“That’s a shame”.


10 posted on 05/15/2019 11:09:55 AM PDT by Sans-Culotte (If it weren't for fake hate crimes, there would be no hate crimes at all.)
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To: Truthoverpower

Why do they need radio, when they have all the other media?


11 posted on 05/15/2019 11:12:57 AM PDT by dfwgator (Endut! Hoch Hech!)
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To: RightGeek
Salon Media Announces $5 Million Sale, ‘Bankruptcy and Liquidation’ Threatened If Deal Fails


12 posted on 05/15/2019 11:13:14 AM PDT by Navy Patriot (America NEEDS Mob Rule, another European and Mid East World War and a universal Draft)
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To: RightGeek

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


13 posted on 05/15/2019 11:14:59 AM PDT by DoughtyOne (Can I get a shout out for the person(s) who donated $2,000.00 from France? Thanks so much! Wow!)
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To: RightGeek

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.


14 posted on 05/15/2019 11:15:05 AM PDT by coon2000 (Give me Liberty or give me death)
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And maybe they will re-negotiate to: burgers and a coke for the staff and cab fare home?

What a shame they may be gone (he says with a sarcastic smile).

15 posted on 05/15/2019 11:16:03 AM PDT by Sa-teef
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To: RightGeek

Did George Soros buy it? Or one of his front organizations?


16 posted on 05/15/2019 11:16:31 AM PDT by GOPJ ("Elites reflexively exempt themselves from the ravages of their own policies." - nathanbedford)
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To: RightGeek

Another turd heading down the obamatube...


17 posted on 05/15/2019 11:17:04 AM PDT by bigbob (Trust Trump. Trust the Plan.)
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To: RightGeek

Gee, I guess not even liberals want to read that crap.


18 posted on 05/15/2019 11:17:10 AM PDT by CodeToad ( Hating on Trump is hating on me and Americans!.)
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To: ProtectOurFreedom
Oh no! Where will I go for news, commentary, and political insights now?

Can get the same "product" from NPR.

Wish that one was next.

19 posted on 05/15/2019 11:18:34 AM PDT by C210N (You can vote your way into Socialism; but, you have to shoot your way out of it.)
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To: RightGeek

20 posted on 05/15/2019 11:19:40 AM PDT by Red Badger (We are headed for a Civil War. It won't be nice like the last one....................)
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