Salon.com (NASDAQ: SALN; www.salon.com), one of the leading Internet media convergence companies, announced that it has signed with Los Angeles talent agency Endeavor to expand its cross-media and convergence initiatives. Under the agreement, Endeavor will play a key role in the development of Salon.com's television series, which is scheduled to debut later this year. Furthermore, Endeavor will work with Salon.com in its efforts to license original editorial content to Hollywood studios and production companies.
The partnership represents a significant change in entertainment, sending the signal that talent and ideas incubated and developed exclusively for the Web may also prove to be successful and popular ventures for traditional film and television productions. By collaborating with one of the leading Hollywood talent agencies on program development for platforms beyond the Internet as well as marketing new projects to mainstream media, Salon.com has introduced a potential new revenue stream to its business model.
Salon.com and Endeavor, both founded in 1995, have become recognized leaders in their respective industries. While Endeavor's client list includes numerous A-list actors, writers, producers and directors, the agency also represents several high-profile corporations. Salon.com, an award-winning online network of 11 original content sites, has won almost every major Internet award since its inception, among them Best of the Web ratings in Time, Newsweek, Entertainment Weekly, Forbes and Yahoo! Internet Life.
"As we move forward with the creation of Salon TV and other potential cross-media ventures, we're thrilled to be working with some of the most successful veterans of the entertainment industry," said Michael O'Donnell, CEO and president of Salon.com. "In Endeavor, we have also chosen a group that values cutting-edge, rich media to help grow Salon.com's new convergence initiatives."
Just as Salon.com has expanded beyond the Internet to television development, offline events and book publishing, including the best-selling anthology "Mothers Who Think: Tales of Real-Life Parenthood" (Villard, May 1999) and the forthcoming "Readers' Guide to Literature" (Penguin, August 2000), Endeavor has taken the lead among Hollywood talent agencies to forge online partnerships with leading Internet brands. As examples, Endeavor recently announced alliances with the Broadband Interactive Group and Excite@Home.
"Of all the Internet brands out there, we feel Salon.com is among the few that have great potential to become a serious player in the rapidly converging media environment," said Ari Emanuel, founding partner of Endeavor. "The site's top-notch talent will propel it to further success in the offline world, and our agents are eager to work with them to make that happen."
Salon.com (NASDAQ: SALN; www.salon.com; AOL keyword: Salon) is an Internet media company that produces a network of 11 award-winning, original content sites and hosts two communities -- Table Talk and the Well. Salon.com currently has relationships with more than 325 advertisers, including industry leaders such as IBM, Lexus, Microsoft, EDS, Virgin Megastore Online and Intel. In December 1999, Salon.com announced a content and equity agreement with Rainbow Media Holdings Inc., a subsidiary of Cablevision Systems Corp. and NBC. Strategic distribution partners include America Online, Lycos, Go.com, AltaVista, Reuters, CNN.com and CNet as well as wireless innovators AvantGo and Rocket eBooks. Salon.com content is also syndicated to print publications through United Features Syndicate. The site had 3.4 million unique visitors in December 1999.
Endeavor is an integrated entertainment company that represents some of the most successful show creators, producers, directors, actors and corporations. The company, which is led by a team of nine partners, all of whom have specific expertise in content development, production and distribution, embraces an innovative approach to marketing and securing deals, one that has placed it among an elite group of expert firms within the entertainment business. Other Internet opportunities that Endeavor has been instrumental in navigating in the film and television industry include previously announced deals with Excite and KPE.
This announcement contains forward-looking statements concerning revenue growth that involve risks and uncertainties including, among others, advertising sales, traffic, acceptance and effectiveness of Internet advertising, growth in use of the Internet, Salon.com's limited operating history, anticipated losses, the unpredictability of its future revenues, successful development of Salon.com's television show, competition, risks associated with system development and operation risks, management of potential growth and risks of new business areas, business combinations and strategic alliances. Actual results could differ materially from those discussed. More information about factors that potentially could affect Salon.com's financial results is included in the company's filings with the Securities and Exchange Commission. All forward-looking statements are based on information available to the company on the date hereof, and the company assumes no obligation to update such statements.
NOTE: Salon.com is a registered trademark of Salon.com. All other company and product names mentioned are trademarks of their respective owners.