Auditors Express Doubt About Viability of Salon
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Salon Media Group Inc., the struggling online magazine, has received a notice from its auditors expressing substantial doubts about its ability to continue.
In a filing with the Securities and Exchange Commission, the firm said the auditor’s opinion was based on its history of losses. The company, which was formed in 1995 and has won numerous journalism awards, has never made a profit and recently has suffered steep declines in ad revenue.
Salon shares fell 1 cent, or 10%, to 9 cents on Nasdaq.
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