Found 1,900 paragraphs deep in this Politico article on the fall of Salon:
...It seems there is a sense of urgency about Salon’s future. Hambrecht is in his early 80s, and Warnock is 75. Because Salon has run deficits for almost every quarter since it was founded, the company has relied on regular interest-free cash advances from Warnock, chairman of Salon’s board, and Hambrecht, a board member. From Salon’s founding until the end of 2015, the most recent data available, Warnock and Hambrecht have given the company nearly $20 million in cash advances, and Warnock also personally guaranteed a $1 million line of credit.“You have two founders who are aging who were writing six-figures checks every year to cover operating costs,” one person close to the company said.If Salon’s continued existence remains dependent on them, the company could be in a precarious position...
Beauty didn't kill the Beast.
Airplanes killed the Beast.
Also always, always follow the money.