SAYONARA? Salon Media near deal to sell big stake to activist hedge fund.

It won’t take much cash for Spear Point to buy a controlling stake in Salon. The 22-year-old digital publishing enterprise, which has been plagued by high-level turnover on the executive and editorial side — as well as declining revenue — has a market capitalization of only $6.1 million and a stock price of 8 cents a share.

At its IPO in 1999, its stock was $10.50 a share with a market cap of $105 million.

Spear Point has been quietly snapping up Salon Media Group shares in recent weeks, sources said.

If Salon gets new management, where will white progressives go for their daily dose of racial guilt?