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May 17, 2019

Salon Begs For Someone to Buy It for $5 Million; Threatens That It Will Liquidate if No Anti-White Knight Can Be Found

Lulzzzzzzz.

They might have found a buyer, though.

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.

This amount wouldn't even have to be paid up-front -- supposedly $500,000 has already been paid, with another $550,000 due at closing, with the balance to be paid 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."

Also: they're in trouble with the SEC.

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.

Woke-Broke. The iron law of media and business. Even thought Salon was designed to appeal to the niche #Woke market, it's always been on the edge of bankruptcy, kept going only by "investments" by left wingers which were actually just donations.



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posted by Ace of Spades at 03:08 PM

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