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Salon Internet Adds New Investors ASCII Ventures, L.P. and Borders Group, Inc. SAN FRANCISCO, CA, DECEMBER 16, 1997 | Salon Internet Inc., one of the Web's leading sites, announced the completion of a new round of equity financing and the addition of two new corporate partners: ASCII Corporation, one of Japan's largest publishing companies, and Borders Group Inc., the nation's second largest bookseller and owner/operator of Borders, Waldenbooks and Books etc. Adobe Ventures and Hambrecht & Quist, Salon's initial investors, also participated in this latest round. "We're excited to have both ASCII Ventures and Borders join Salon as new investment partners," said David Talbot, Salon Editor and Chief Executive Officer. "Both ASCII and Borders bring strategic elements to Salon that complement our existing investors, Adobe Ventures and H&Q." ASCII Corporation, which has a successful background in publishing, plans to introduce Salon into Japan, the lnternet's second largest market outside the U.S. Salon and ASCII have been discussing the formation of Salon Japan, a Japanese-language version of Salon Magazine with original content created and edited in Japan. ASCII Ventures is the company's venture-capital arm, managed by Sada Chidambaram. Mr. Chidambaram will serve as a director on Salon's board. "We've reviewed numerous opportunities on the Web and believe that Salon has been uniquely positioned as a category leader that is taking full advantage of the explosive growth in Internet viewership, advertising and e-commerce," said Mr. Chidambaram. Salon is already experiencing synergy with ASCII as it prepares special local editorial coverage of the upcoming Winter Olympics in Nagano, Japan, in February. Borders has been one of Salon's largest advertisers since the Web site's launch in November 1995 and recently signed a two-year agreement to become Salon's exclusive online retailer for books and music. Borders' advertisements are prominently placed throughout Salon's Web site with "buy button" links for readers to purchase books and music CDs directly from Borders. Borders is planning to launch its new online store in January 1998. In addition, Salon will be promoted throughout Borders' site with advertisements and links to Salon's book and music reviews. Borders Group Inc. is the world's second largest retailer of books, music and other informational, educational and entertainment products. Borders Group includes Borders Inc., over 200 superstores offering what is widely regarded as the broadest books and media assortment in the industry; Waldenbooks, the United States' leading mall book retailer, which operates over 900 stores serving all 50 states; and Books etc., a leading retailer of books in the United Kingdom operating 22 stores. Borders Group operates stores in the United States, the United Kingdom and Singapore, and trades on the New York Stock Exchange under the symbol "BGP." Salon Magazine's circulation has grown substantially in 1997, from 1.4 million page views per month in December 1996 to 6 million page views per month in December 1997. In addition, the company has secured new advertising contracts from over 50 new advertisers, including IBM, Microsoft, AT&T, Ford, The Gap, Intel, Visa, American Express, Virtual Vineyards, OshKosh, the Hong Kong Tourist Association and others. Salon also signed a worldwide syndication agreement in May 1997 with United Features Syndicate to distribute Salon's daily editorial content to print and online newspapers. Over 20 newspapers currently run Salon's editorial content. Salon has won many accolades over the last year, including Time Magazine's Web Site of the Year (1996), Advertising Age's "Best Online Magazine" (1996) and Infinet's "Still Cool Site of the Year" (October 1997). - - - - - - - - - - - -
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