$5 Million? Not on your life.
Newsweek sold for $1.00 (one US dollar)
Salon reports that if it does not find a SUCKER willing to pay $5 Million then it will be forced to liquidate and file bankruptcy.
This means Salon’s assets, what little they may be, are far outstripped by their liabilities or DEBTS to the tune of a cool $5 million!!
You would be a fool to not wait for the fire sale!
...if you could do anything constructive with such a damaged brand as Salon is.
If you purchased Salon for $1.00 you could force the current principals to split up the debt between themselves and finance the payoff over 10 to 30 years, while they each find jobs elsewhere with the salaries to cover their share plus beans and rice.
You could buy some of the debt out of the stupidity of your heart, but no economist or accountant worth their salt would tell you to do that.
The $5 Million is a wish, pie in the sky, that someone will buy their debts so they can continue to operate the way they always have... in which case, the only difference is next time the latest sucker would join them in their next appeal for money.
Don’t do it!