As a possible deal with Newser falls apart, the online news pioneer ramps up its cultural coverage. The result: an ailing stock price, but traffic’s on the rise.
Kerry Lauerman remembers the time, a decade ago, when he was Salon’s Washington bureau chief and the website had a budget three times larger than it subsists on today.
Now the Washington bureau is toast. “We’re leaner and meaner and we work a lot smarter,” says Lauerman, who took over in November as editor in chief.
Salon made its name as a politically aggressive, staunchly liberal online operation. But in recent months I’ve noticed a very different kind of story often leading the site. There was “Men: The New Romantics,” and “Literature’s Gender Gap.” There was “My Husband, the Convicted Murderer” and “My Son, The Pink Boy.” Not to mention “Grammys’ Most Memorable Red-Carpet Outfits” and “The Hardest Part About Quitting Drinking? Dating.”
So is there a personality transplant going on?
“The identity of Salon is as a political site,” Lauerman says, “but our entertainment coverage has always done pretty well.” Beyond politics, he says, “we are emphasizing everything else more. We’ve staffed up in entertainment. We listen to our readers.”
And are these stories about movies and marriages and sex designed to attract more advertising?
“I’d be lying if I said that wasn’t a consideration.”
Given Salon’s precarious financial state, it’s obviously a major consideration. The struggling site quietly put itself up for sale in recent months, and talks with Newser.com, an aggregation site founded by Michael Wolff, collapsed Monday. The New York Times Dealbook blog reported that Salon board members grew concerned that they might be selling for too low a price after AOL paid $315 million to buy The Huffington Post.
The publicly traded company reported a loss of $4.8 million in fiscal 2010, with two investors making up the gap through loans. Salon’s stock is trading for a dime, down from $1.30 in the summer of 2008.
“It’s not an easy space to make money in if you’re trying to do quality content,” says CEO Richard Gingras, who provided the original seed money for Salon’s launch. “We have beefed up the investment in culture and lifestyle… It is about growing the audience.”
The first duty of any website is survival, and most of the news business—from old-line newspapers and magazines to newer operations such as The Daily Beast—is grappling with how to turn a profit online. The overhauling of Salon’s editorial mix comes as its center of gravity has shifted from San Francisco, where it was born 15 years ago, to Midtown Manhattan. Founding editor David Talbot and Joan Walsh, who stepped down last year, ran the place from the Bay Area; Lauerman, 41, is the first editor to be based, with most of the staff, in New York.
“It’s not an easy space to make money in if you’re trying to do quality content,” says CEO Richard Gingras, who provided the original seed money for Salon’s launch. “We have beefed up the investment in culture and lifestyle… It is about growing the audience.”
Walsh, who had tapped Lauerman as her deputy, was part of the new direction before returning to reporting and a book project. “Our news team is as good as it’s ever been,” she says. “But the political cycle ebbs and flows, and people get more or less interested depending on whether it’s election season and what the crazy story of the week is… We’ve probably gotten deeper into the cultural realm.”
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