Salon puts The Well on auction block
Declan McCullagh writes in C|Net News:
One of the Internet's oldest and most famous virtual communities, which has been losing members since its glory days in the early 1990s, is up for sale.
The board of directors of Salon.com, which bought The Well in 1999, said this week it has authorized the sale of the online community and e-mail account provider.
Salon said in a filing Monday with the Securities and Exchange Commission that The Well has been profitable and is expected to generate around $500,000 in revenue for the fiscal year ending in March 2006. The Well charges between $10 and $15 a month and has around 4,000 members, counting some staff and complimentary accounts.
Founded in 1985 as a humble computer conferencing system with six dial-up modems, The Well (or Whole Earth 'Lectronic Link) soon blossomed into a "literate watering hole," luring tens of thousands of artists, technologists and writers.
posted by Fergie @ 8/16/2005 07:13:00 PM
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