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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 ...
Awww, Air America redo!
Talk to Jeff Bozos. He’s the patron saint of lost media causes.
Get woke, go broke.
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.
So, who's been sleeping with them? Anyway, good, good riddance, I hope they lost a fortune. It's just like Warnock not to recognize the potential of technology.
I did my part
The hard left is starting to wither and die - even in Europe also.
They have been painting themselves into a smaller and smaller crazy corner.
I’m enjoying the show.
When you are trying to create an alternate reality, you can't afford a leaky seal anywhere.
Kind of like that scene in Blazing Saddles where the audience can see a jet contrail in the distant sky. Can't let it happen.
Salon was always my go to source for biting commentary on what’s wrong with white people and America as told by ABF’s* with bad attitudes.
*Angry Black Females.
More good news!
The Trump Curse continues to bring havoc, misery and financial loses to the lives of the rabid Never Trumpsters!
Everything seems to be going conservatives’ way today. Abortion pushback, Bill Barr, soaring stock market, failing liberal magazines, White House telling the House to go to hell...
Donate to Free Republic and share some popcorn with President Trump!
Saloon is going mammaries up.
Good.
“mincturate”
You spelled it wrong. You meant micturate, i.e. to urinate. Thanks for giving me a new word.
Well, okay, $5, but only if I get to keep the doggie. :P
I’d love to snap up that domain and point it to FR...
Please don’t compare lefty media to a septic tank.
A septic tank performs a useful purpose.
Too bad, so sad...
I thought it had an 'n' because of the great William F. Buckley word retromingent. I figured the verb form of the word would have an 'n' because the adjective had one.
Last I heard years ago was that their stock was delisted and they went to softcore porn to save Salon. Whatever they did worked for a few years. I didn’t care enough to go to their site and check what they did.
Na na na na
Na na na na
hey-hey
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