Salon Media Group, Inc., today announced that during December 2003 it secured new financing totaling $800,000 from two investors: Wenner Media Inc. chairman and Rolling Stone magazine founder Jann Wenner and Salon board member and co-chairman of Adobe Systems John Warnock. Wenner will also join Salon's board of directors.
"I look forward to working with Jann Wenner on the Salon board of directors and drawing on his wealth of publishing experience," said Salon founder and CEO David Talbot. "Everyone at Salon is also very excited about collaborating with Rolling Stone, which has a rich history of political journalism, on a series of major news stories during this crucial election year. Salon's partnership with Rolling Stone is full of great promise."
"I'm excited about this collaboration between Rolling Stone and Salon," said Wenner. "As the election approaches, we will be providing even more of the unique and hard-hitting political coverage that has long been the magazine's hallmark."
Founded in 1995, Salon Media Group produces an award-winning Internet site, Salon.com, as well as two subscription-based online communities, The Well and Table Talk. Salon has over 73,000 subscribers to its Salon Premium service. Salon logged 2.8 million unique visitors in December 2003.
"Safe Harbor" Statement under the U.S. Private Securities Litigation Reform Act of 1995: This press release, including the statements by David Talbot, contains certain "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are naturally subject to uncertainty and changes in circumstances. Actual results may vary materially from the expectations contained herein. The forward-looking statements contained herein include statements about future financial, operating results and editorial collaboration of Salon. Factors that could cause actual results to differ materially from those described herein include: success in raising debt or equity financing; the economic environment of the media industry; the difficulty in securing on-line advertising; growth in subscription revenue programs; uncertain revenue sources and the general economic environment. More detailed information about these factors is set forth in the reports filed by Salon with the Securities and Exchange Commission. Salon is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
Note: Salon is a registered trademark of Salon Media Group, Inc. All other company and product names mentioned are trademarks of their respective owners.