NetSlaves on Salon.Com’ 10Q

Over the past few days I’ve posted a couple things ripping on Salon.Com, and especially they’re spend-like-there’s-no-tomorrow attitude. A few weeks ago NetSlaves.Com published an thorough analysis of a recent 10Q filing by Salon.Com with the Securities and Exchange Commission. The analysis makes it abundantly clear that Salon’s major problem is Salon’s manager and executives’s poor decision making.

Writing off $1.7 million for their doomed acquisition of MP3Lit (think MP3 audiobooks)? And why are Chairman David Talbot, CEO Michael O’Donnell both clearing more than $200K in salaries in a company that had a net loss of $28 million in 2000 and no chance for profitability in 2001?

As as Steve Gillard puts it in the NetSlaves commentary, “It [Salon] spent more on content alone than it took in during 2000. Who the hell is running this company.”

Maybe trained monkeys would have done worse than Talbot and company, but its hard to see how.

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