Salon Financed Further

Apr 01, 2003

Salon Media Group, an Internet media company, has announced the successful completion of an additional round of financing, providing the company with necessary capital to continue operations as it works towards achieving profitability. The current round represents an investment of $800,000, bringing the entire investment in Salon since July, 2002, to $2,100,000. This round was led by existing Salon investors Bill Hambrecht and John Warnock, a Salon board member. Salon also announced that it surpassed 60,000 active Premium subscribers this week and has an annual renewal rate of 72%. It also announced that 14 advertisers have signed contracts to purchase Salon's new "day pass" intercept advertising unit, which launched January 22nd. These advertisers include: Mercedes Benz, The Discovery Channel, Infiniti, Fox Television's "24" and "Married by America," Concord Records, HBO, American Express, Powell's Books, Mazda, Remedy Software, ACLU, National Geographic, and Tobacco Free Kids.