Launched in 1995, Salon.com is one of the pioneering news and commentary sites on the web. In recent years, it has been eclipsed by larger and better financed sites such as The Atlantic and Washington Post (NYSE:WPO)-owned Slate. Of course, today there are thousands of websites that comment on the news each day. Some of these, like The Blaze, which is owned by Glenn Beck, are well funded.
In a sign that Salon is very close to being shuttered, the company “lost” its CEO and CFO recently. Chief technology officer, Cynthia Jeffers, was put in charge. But Salon will need a great deal more than new management. At the end of the final quarter of 2011, Salon had $149,000 in the bank against short-term liabilities that included $12.7 million in loans. During the same quarter, Salon lost $997,000 on revenue of $1.03 million. Rumors are that John Warnock, the cofounder of Adobe Systems (NASDAQ:ADBE), and investment banker Bill Hambrecht fund the company. But as it falls apart at the seams, more money is unlikely to be forthcoming.