Amid Financial Struggles, Salon Media Will Sell
Peter D'Abrosca
|
Once-revered Salon Media, which owns Salon.com, a landing ground for far-left conspiracy theories, has made arrangements to be sold on the cheap amid financial struggles.
“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,” according to The New York Post.
According to the report, the media organization will sell for a total of $5 million, with only $550,000 owed to the buyer at closing. The rest of the payment – $3.85 million – will be made in installments over a two year period.
According to The Post, even though the sale will be completed, the filing warned of bankruptcy.
“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,” the filing said.
The company will reportedly sell its assets after the final sale.
The site was launched in San Francisco in 1995 mostly by employees embattled in the newspaper strike at San Francisco Examiner, The Post saod. In 1999, it was valued at over $100 million and went public, but has been has lost money ever since.
Salon.com attempted to built its brand catering to millennial social justice culture, which apparently has not worked out. Other leftist news rags like BuzzFeed, HuffPost, and VICE, also facing financial hardship, already have this market cornered.
“Toxic masculinity is like ‘a chronic illness’ — but it doesn’t have to be terminal,” said a recent headline.
“So many men are miserable jerks. I should know — I used to be one too,” said another.
“After my abortion I felt relieved — and I’m in the majority,” said another.
Follow Peter D’Abrosca on Twitter: @pdabrosca
Like Peter D’Abrosca on Facebook: facebook.com/peterdabrosca
Preorder Peter D’Abrosca’s Book: “Enemies: The Press vs. The American People”
Share: