Posted on 04/01/2003 10:42:31 AM PST by constitoot
Salon gets new round of financing By Carolyn Pritchard, CBS MarketWatch.com Last Update: 5:48 PM ET March 28, 2003
SAN FRANCISCO (CBS.MW) - Salon Media Group said Friday that it completed an additional round of financing, allowing it to continue operations while it works to become profitable.
The owner of online magazine Salon.com also announced that it now has more than 60,000 paid subscribers, up from 47,000 at the end of 2002.
The current round of financing, which totaled $800,000, was led by existing Salon investors Bill Hambrecht and John Warnock, a Salon board member. Including this round, the firm has raised $2.1 million since last July.
"We hope this funding gives current and prospective subscribers renewed confidence. We also believe this will boost our advertising sales as agencies and clients evaluate major media campaigns to run on Salon," said CEO Michael O'Donnell in a company statement.
The San Francisco-based media company also announced that 14 advertisers, including Mercedes-Benz and American Express, had signed contracts to purchase Salon's new "day pass" Intercept advertising unit. The day pass, which allows readers to access stories by watching a brief ad in lieu of becoming a subscriber, was launched on January 22nd.
The company warned in a filing with the Securities and Exchange Commission last month that it was desperately short of cash, but CEO O'Donnell promised at the time that financing would be secured. "We're confident that things are going to come together and we'll be able to complete the financing in the next 30 days and just focus on reaching on profitably in 2003," said O'Donnell in an interview.
Salon's (SALN: news, chart, profile) shares finished Friday's session up a penny at 5 cents. Carolyn Pritchard is a reporter for CBS.MarketWatch.com in San Francisco.
(Excerpt) Read more at cbs.marketwatch.com ...
Oh man, you could read that soooooo many ways.
Simply proves ....
"A Sucker born every minute"....
Semper Fi
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