Online Journalism News

Investment boost for Salon.com

Cult news site Salon.com has received another substantial cash investment, just as it launches into an intensive cycle of election coverage and analysis.

During December, Salon Media Group secured $600,000 investment from Adobe co-founder John Warnock and a further $200,000 from Jann Wenner, founder of Rolling Stone.

Rolling Stone will collaborate with the site on a series of six investigative features to focus on the Bush administration and its presidential campaign.

"There's been significant investor interest, especially leading up to the election," said Patrick Hurley, senior vice-president of Salon.

"And we want more feet on the street."

Last Wednesday the site launched the War Room 04 blog, providing discussion, commentary, and polling reports throughout the election campaign.

"There has already been increased coverage from Salon," said Mr Hurley.

"The frequency and volume has increased significantly over the past three months, and will build to a crescendo through the election."

Founded in 1995, the left-of-centre politics and culture group publishes 10 web sites and is rumoured to have an accumulated deficit of $82 million. The site introduced a paid subscription service in 2001 and now has 73,000 subscribers.

Mr Hurley told dotJournalism that roughly 55% of Salon’s income is generated by subscriptions and paid-for services.

"The paid content debate is about context and specificity," he said.

"People will pay for their passions - including politics."

Mr Wenner, who will join the Salon board of directors, is well known for his left-wing politics, although Mr Hurley denied that his investment was directly related to election coverage.

"Our supporters say that Salon is an oasis in a sea of timid or conservative-slanted journalism," said Mr Hurley.

"Election cycles are always our busiest and most exciting years."

See also:
http://www.journalism.co.uk/news/story644.shtml
http://www.journalism.co.uk/news/story612.shtml
http://www.journalism.co.uk/news/story578.shtml
http://www.journalism.co.uk/news/story561.shtml

Tags (click tag to find related articles; click icon for feed):
usd | adobe | salon media group | patrick hurley | john warnock | paidfor services | rolling stone | funding | culture group | cult news site | bush administration | jann wenner |

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