Salon Announces $5 Million Deal to Sell Itself to New Buyer
Digital media company Salon Media Group is for sale, including intellectual property rights and the Salon.com website, according to a May 8 filing with the U.S. Securities and Exchange Commission. The sale price is $5 million and Salon.com LLC is named as the buyer. A 10% deposit of $500,000 has already been made. This will be part of the $550,000 due in cash at closing, $100,000 of which will be deposited into escrow. The balance of $3.85 million is due in two installments over the next two years, half due at 12 months and the remainder at 24 months. This balance is secured with a promissory note.
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