Salon Media Group, publisher of online magazine Salon.com, Thursday said it will get $2.5 million in private funding, including cash from the retired chief exec of Adobe Systems and the chief exec of WR Hambrecht.
Company also announced cost-reduction moves, including layoffs of 14 employees. Salon has been hit hard by the souring online advertising economy. In May, it disclosed that it had only $3 million in cash and cash equivalents as of March 31. Salon shares closed Thursday at 44¢, down 97% from a record $15 high in July 1999.