(AP) Rolling Stone magazine founder Jann Wenner has invested $200,000 in troubled online publisher Salon Media Group Inc., which will also work with Rolling Stone on several investigative stories focused on the presidential election.
San Francisco-based Salon disclosed Wenner’s investment and the partnership with Rolling Stone as part of a financing announcement made Thursday. Salon said it raised a total of $800,000 last month as part of its struggle to stay afloat.
Besides Wenner’s investment, Salon received $600,000 from Adobe Systems Inc. co-chairman John Warnock, a longtime investor in the company.
With his investment, Wenner will get a seat on Salon’s board of directors. Wenner founded Rolling Stone 37 years ago in San Francisco and is now chairman of Wenner Media, which owns the magazine.
The partnership with Salon will involve several stories that will be published in Rolling Stone’s online edition. Salon may also post the stories on its site, Salon spokesman Patrick Hurley said.