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Pioneering Web publisher faces Nasdaq delisting

Salon Media Group, which publishes some of the longest-running content on the Net, could be kicked off the exchange
Written by Matthew Broersma, Contributor

Salon Media Group, publisher of the Salon.com Web magazine and owners of the pioneering online community The WELL, is appealing a Nasdaq decision to delist the company's stock.

Salon, which is one of the longest-running publications on the Net, said on Saturday that its stock was in danger of delisting because it had fallen below the minimum level Nasdaq requires to keep a listing. On Monday before market open, Salon (SALN) was trading at just 28 cents, down 5 cents from its close on Thursday.

The company said an appeal hearing will be set by Nasdaq and the stock will continue trading pending a decision by the Nasdaq Qualifications Panel. Salon is seeking stockholder approval for a reverse stock split to take the stock price over Nasdaq's minimum.

Salon.com was created in 1995, but The WELL, originally The Whole Earth 'Lectronic Link, dates from 1985 -- when the original Apple Macintosh was brand new and colour monitors were virtually unknown.

Online-only companies, and particularly publishers of content, have had a difficult time since the US economy began to slow, since they rely on advertising for revenues. Automatic Media, which published the two longest-running Web publications, Suck.com and Feed, shuttered its operations last week and most publishers have held massive layoffs.

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