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 ...
Salon death watch goes back a long time.
Good riddance, Salon was the worst blog ever.
I wouldn’t be surprised if Salon is one of those companies that got “funding” like BuzzFeed and Vice Media was.
$5 mil? Newsweek, sold for $1.00, was worth more than Salon.
someone got truly truly suckered.
I hope the deal falls through.
FU, Salon!
I hope it was bought by a conservative and he makes it a conservative outlet.
$5 million? Seriously, that’s not much in 2019 dollars.
Trump ended Obama’s payments for propaganda publishing, and these lib media outlets go BK. Coinkydink?
I think Air America was being propped up by donors.
“Did George Soros buy it? Or one of his front organizations?”
No...
These usual liberal suspects have invested in a new propo organ now, called AXIOS
I get a lot of conservative youtube suggestions on my feed for obvious reasons. I’m amazed at how effective they are at lampooning liberals and liberal media.
So I thought I’d use a different email address and youtube id to only seek out liberal stuff.
Folks, they got nothin’. In fact, when I went to the liberal broadcasts they were flooded with comments from conservatives making fun of them.
I now know why the liberals I spar with on political sites hate youtube videos. Conservatives dominate, utterly. It’s quite amazing, actually.
“including all pertinent intellectual property rights”
So there’s the first 25 cents...
L
A Salon reporter announced his presence at a Free Republic gathering in South Carolina right before my presentation on media bias. He heard my presentation but did not request an interview.
His article was mostly fake news. He got the SC part right though
All this for a hair salon?
Let’s not forget the pro-pedophile articles that Salon ran
https://www.salon.com/2012/07/01/meet_pedophiles_who_mean_well/
What the &$@!?
That is the most accurate poll. The truth is found in success and failure.
Crocodile tears.
Bwahahaha. Couldn’t happen to a nicer bunch of SJW brown shirts.
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