HOLLYWOOD — Internet mag Salon.com has pacted with Endeavor to help the Web site license its original editorial content to Hollywood studios and production companies and push the development of the company’s TV series, scheduled to bow later this year.
“As we move forward with the creation of Salon TV and other potential cross-media ventures, we’re thrilled to be working with some of the most successful veterans of the entertainment industry,” said Michael O’Donnell, CEO and president of Salon.com. “In Endeavor, we have also chosen a group that values cutting-edge, rich media to help grow Salon.com’s new convergence initiatives.”
Although Salon.com’s stock price has been on a steady decline since site went public last June, O’Donnell said the move to off-line content isn’t a response to shareholder pressure to get beyond the dot-com doldrums.
“We have this library consisting of over 10,000 (articles),” O’Donnell said. “With Endeavor, we have someone to help us secure the rights on what we already have. We’re looking to build long-term alliances and eventually profits, and looking at this deal we think a successful TV show could improve our chances of doing that.”
But the stock price of Salon.com dipped again on Tuesday, closing down over 9% at $3.06. The all-time low trading price for the company is $3.
The move for a Salon.com television show started in December, when Rainbow Media Holdings, parent company of cabler Bravo Networks, acquired a 10% equity stake in the site. As part of this agreement, Salon.com is to create a TV series, cross-sell advertising and exchange Web content with the company.