Left-leaning news organization Salon, once worth more than $100 million, is now in discussions to be sold for a mere $5 million.
Salon Media Group said in a May 8 filing with the Security and Exchange Commission, that it reached a deal to be sold to a company called “Salon.com LLC.” In the filing, it said the sale would only require a $550,000 payment up front. An additional $100,000 would go to an escrow account and a $500,000 deposit was already paid, according to the New York Post.
The rest of the money would be guaranteed to be paid in two installments over two years.
Despite reaching the deal with the unknown buyer or buyers, Salon warned in the filing that, “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 website was started in San Francisco in 1995 and went public in 1999 during the dot-com bubble. It was valued at $107 million at the time.
Earlier this month, CEO Jordan Hoffner resigned suddenly from his role at the media organization. In addition, the SEC is threatening to delist Salon Media Group’s stock after the company failed to file financial disclosure documents.
