Culture Salon Media in talks for $5M fire sale in last-ditch effort - Salon is going bankrupt

Fate of Salon Media?

  • Goes into the trash can of dead digital publications

    Votes: 47 40.5%
  • Bought by a bigger company

    Votes: 21 18.1%
  • Saved/revived by an affluent super-rich person (like George Soros)

    Votes: 48 41.4%

  • Total voters
    116

Iwasamwillbe

We are Legion. We are one.
kiwifarms.net

Salon Media Group, a one-time digital darling, has fallen on hard times. It lost its CEO of the past three years last week and appears to be on the brink of a deal to sell itself for a fire sale price of $5 million.

The struggling company said in a Securities and Exchange Commission filing on May 8 that it reached a deal to sell itself to a company called Salon.com LLC.

The filing contained no further info on the mystery buyer or buyers but said the deal would only require a $550,000 payment at closing. It said $100,000 would go to an escrow account and $500,000 was already paid as a deposit.

The remaining $3.85 million would be a promissory note payable in two installments over two years.

Even with those favorable terms, Salon issued a dire warning in the filing: “There can be no guarantee that the asset sale will be completed and, if not completed, we may have to file for bankruptcy and liquidation.”

CEO Jordan Hoffner, a one-time NBC and You Tube executive, resigned suddenly on May 3, according to the filing. He remains a company director but could not be reached for comment.

The SEC is also threatening to delist the penny stock for failure to file financial disclosure documents for more than a year. The company said it expected to be in compliance with SEC filing rules by June 7, but acknowledged that was way past the 15-day deadline the SEC had imposed.

Richard MacWilliams, a managing partner of Vista Capital Advisors and the chairman of the board of Salon Media, was named acting CEO. Trevor Calhoun, another board member and a partner at Humilis Holdings Capital Management, was appointed acting CFO, replacing Elizabeth Hambrecht, who resigned back in October.

Neither MacWilliams nor Calhoun returned calls seeking comment.

The left-leaning Web site was launched in San Francisco in 1995, staffed largely by refugees from a newspaper strike at the San Francisco Examiner. It went public in June 1999 valued at $107 million, but has lost money ever since.

For years, John Warnock, co-founder of Adobe Systems, and William Hambrecht, a venture capitalist (and father of former CFO Elizabeth) who was involved in the IPOs of Google, Amazon, Apple and Adobe Systems, injected cash to offset mounting losses.

Calls and emails to Hoffner, MacWilliams and Calhoun were not returned.
 

Poiseon

I am literal poison.
kiwifarms.net
Isn't Salon the rag that published those pedophile puff pieces? How ironic would it be if some pedo bought it?
"I'm the Pedophile, You're the Monsters. My Week Inside The Vile Far Right Hate Machine"

That's the title of the most asinine article they published. With that sick, one-armed fuck Todd Knickerson. Watching Salon finally die is sweet indeed. I really hope all these hyper-lefty mentally re-tarded outlets that spew this garbage are on the way out. No government censorship or mob justice. Just letting them crash and burn on their own.
:story::story::story::story::story:
 
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Poiseon

I am literal poison.
kiwifarms.net
View attachment 760385

Even though Poiseon copied the text, there's nothing like a screencap. Seriously, rotisserie in hell for those monsters.
I haven't thought of this in a long time. I thought for sure it was what I quoted word for word. Did they change the title? Wouldn't be the first time. I'll double check. Thanks for the cap, good buddy.

Edit: I was right on the wording. Though, I misremembered 'vile' as evil' my bad. I'll fix the original post. Found the url for those interested. With a screencap of the current 404

bada bing.PNG

And these stupid fucks wonder why people are flocking to the new right.
 
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