EXHIBIT 4.2.48
                                                                  --------------


THIS NOTE AND ANY SHARES ACQUIRED UPON CONVERSION OF THIS NOTE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), AND MAY NOT
BE SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED UNLESS THERE IS AN EFFECTIVE
REGISTRATION STATEMENT UNDER SUCH ACT COVERING THIS NOTE, THE SALE IS MADE IN
ACCORDANCE WITH RULE 144 UNDER THE ACT, OR THE COMPANY RECEIVES AN OPINION OF
COUNSEL FOR THE HOLDER OF THIS NOTE REASONABLY SATISFACTORY TO THE COMPANY,
STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT FROM THE
REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT.


                             SALON MEDIA GROUP, INC.

                           CONVERTIBLE PROMISSORY NOTE

$100,000                                                      September 12, 2003


     Salon Media Group, Inc., a Delaware corporation (the "Company"), for value
received, hereby promises to pay to John Warnock ("Holder"), the principal sum
of One Hundred Thousand Dollars ($100,000) with interest as provided below.

1.   Payment.

     (a) Payment. Subject to the provisions of Section 3 hereof relating to the
conversion of this Note, principal and accrued interest hereof shall be payable
on the earlier of (i) the date of the next meeting of the Company's stockholders
at which a proposal seeking the approval of the sale of the Bridge Notes (as
defined below) is voted upon and is not approved by the Company's stockholders,
or (ii) December 31, 2003 (the "Maturity Date"). Payments hereunder shall be
made by the Company to the Holder, at the address as provided to the Company by
the Holder in writing, in lawful money of the United States of America. Interest
shall accrue with respect to the unpaid principal amount of the loan from the
date of this Note until such principal is paid or converted as provided in
Section 3 hereof at a rate of six percent (6%) per annum (computed on the basis
of a 365-day year).

     (b) Prepayment. The Company shall have the right at any time and without
penalty to prepay, in whole or in part, the principal outstanding and/or the
interest accrued hereunder.

2.   Certain Definitions.

     (a) "Bridge Notes" shall mean the series of notes, of which this Note is a
part, dated on or about the date hereof, each of which are identical, other than
the date of the Note, identity of the Holder and principal amount of this Note.
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     (b) "Financing" shall mean the first closing of the proposed Series C
Preferred Stock.

     (c) "Financing Securities" shall mean the shares of equity securities of
the Company sold in the Financing.

     (d) "Obligations" shall mean all outstanding principal and accrued interest
due hereunder.

3.   Conversion.

     (a) Automatic Conversion Upon Financing. This Note shall automatically
convert into the Financing Securities upon the closing of the Financing.

     (b) Conversion Absent Financing by December 31, 2003. If no Financing shall
have occurred by the close of business on December 31, 2003, then this Note
shall be convertible at the option of the Holder into shares of Common Stock.
Notwithstanding the foregoing, the Note shall only be convertible into Common
Stock at such time as the Company's stockholders have approved an amendment to
the Company's certificate of incorporation increasing the authorized shares of
Common Stock to a level which would permit the conversion of all of the Note
into Common Stock.

     (c) Conversion Price Upon Financing. In the event of an automatic
conversion pursuant to subsection 3(a) hereof, the number of shares of the
Financing Securities to be issued upon conversion of the Obligations shall equal
the aggregate amount of the Obligations divided by the price per share of the
Financing Securities issued and sold in the Financing.

     (d) Conversion Price Absent Financing by December 31, 2003. In the event of
an automatic conversion pursuant to subsection 3(b) hereof, the number of shares
of the Common Stock to be issued upon conversion of this Note shall equal the
aggregate amount of the Obligations divided by the average closing price of the
Common Stock over the sixty (60) trading days ending September 30, 2003 or
December 31, 2003, whichever is lower, as reported on such market(s) and/or
exchange(s) where the Common Stock has traded during such sixty day trading
period.

     (e) Notice Regarding Financing. Written notice shall be delivered to the
Holder of this Note pursuant to Section 7 below notifying the Holder of the
terms and conditions of the Financing, the applicable conversion price, the date
on which any automatic conversion occurred and calling upon such Holder to
surrender the Note to the Company for cancellation and conversion in the manner
and at the place designated.

     (f) Mechanics and Effect of Conversion. No fractional shares of Financing
Securities or Common Stock shall be issued upon conversion of this Note.
Notwithstanding any other provision of this Note or the Note and Warrant
Purchase Agreement, upon the conversion of the Obligations under this Note, in
lieu of the Company issuing any fractional shares to the Holder, the Company
shall pay to the Holder in cash the amount of the Obligations that is not so
converted. Upon conversion of this Note pursuant hereto, the Holder shall
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surrender this Note, duly endorsed, at the principal office of the Company and
shall execute such documents as are reasonably required to be executed by all
purchasers of the Financing Securities. The Company shall, as soon as
practicable thereafter, issue and deliver to such Holder at such principal
office a certificate or certificates for the number of shares of the Financing
Securities or Common Stock to which the Holder shall be entitled upon such
conversion (bearing such legends as are required by applicable state and federal
securities laws in the opinion of counsel to the Company), together with any
other securities and property to which the Holder is entitled upon such
conversion under the terms of this Note. Upon full conversion of this Note
pursuant to the terms hereof, the Company shall be forever released from all its
obligations and liabilities under this Note. Upon conversion of this Note into
Financing Securities or Common Stock, the Holder shall be entitled to all rights
and privileges afforded by the Company to other holders of such Financing
Securities or Common Stock.

4.   Events of Default. The occurrence of any of the following shall constitute
an "Event of Default" under this Note and the Note and Warrant Purchase
Agreement of even date herewith (the "Purchase Agreement"):

     (a) Failure to Pay. The Company shall fail to pay (i) when due any
principal payment on the due date hereunder or (ii) any interest or other
payment required under the terms of this Note on the date due and such payment
shall not have been made within fifteen (15) days of Company's receipt of
Holder's written notice to the Company of such failure to pay; or

     (b) Voluntary Bankruptcy or Insolvency Proceedings. The Company shall (i)
apply for or consent to the appointment of a receiver, trustee, liquidate or
custodian of itself or of all or a substantial part of its property, (ii) make a
general assignment for the benefit of its or any of its creditors, (iii) be
dissolved or liquidated in full or in part, (iv) commence a voluntary case or
other proceeding seeking liquidation, reorganization or other relief with
respect to itself or its debts under any bankruptcy, insolvency or other similar
law now or hereafter in effect or consent to any such relief or to the
appointment of or taking possession of its property by any official in an
involuntary case or other proceeding commenced against it, or (v) take any
action for the purpose of effecting any of the foregoing; or

     (c) Involuntary Bankruptcy or Insolvency Proceedings. Proceedings for the
appointment of a receiver, trustee, liquidator or custodian of the Company or of
all or a substantial part of the property thereof, or an involuntary case or
other proceedings seeking liquidation, reorganization or other relief with
respect to the Company or the debts thereof under any bankruptcy, insolvency or
other similar law or hereafter in effect shall be commenced and an order for
relief entered or such proceeding shall not be dismissed or discharged within
thirty (30) days of commencement.

5.   Rights of Holder Upon Default. Subject to the provisions set forth in
Sections 5 and 6 of the Purchase Agreement, upon the occurrence or existence of
any Event of Default (other than an Event of Default referred to in Paragraphs
4(c) and 4(d)) and at any time thereafter during the continuance of such Event
of Default, Holder may declare all outstanding Obligations payable by Company
hereunder to be immediately due and payable without presentment, demand, protest
or any other notice of any kind, all of which are hereby expressly waived,
anything contained herein or in the Purchase Agreement to the contrary
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notwithstanding. Upon the occurrence or existence of any Event of Default
described in Paragraphs 4(c) and 4(d), immediately and without notice, all
outstanding Obligations payable by Company hereunder shall automatically become
immediately due and payable, without presentment, demand, protest or any other
notice of any kind, all of which are hereby expressly waived, anything contained
herein or in the Purchase Agreement to the contrary notwithstanding. In addition
to the foregoing remedies, upon the occurrence or existence of any Event of
Default and subject to the provisions of Sections 5 and 6 of the Purchase
Agreement, Holder may exercise any other right, power or remedy granted to it by
the Purchase Agreement or otherwise permitted to it by law, either by suit in
equity or by action at law, or both.

6.   Security Interest. The satisfaction of the Obligations hereunder are
secured by a security interest in favor of the Purchasers in all of the
Company's right, title and interest in presently existing and hereafter acquired
assets as provided for in Section 4 of the Purchase Agreement.

7.   Miscellaneous.

     (a) Amendment Provisions. Any provision of this Note other than the
principal amount and identity of the Holder may be amended, waived or modified
upon the written consent of the Company and the parties providing at least a
majority of the aggregate principal amounts provided pursuant to the Bridge
Notes.

     (b) Severability. If any provision of this Note is determined to be
invalid, illegal or unenforceable, in whole or in part, the validity, legality
and enforceability of any of the remaining provisions or portions of this Note
shall not in any way be affected or impaired thereby and this Note shall
nevertheless be binding between the Company and the Holder.

     (c) Governing Law. This Note shall be governed by and construed in
accordance with the laws of the State of Delaware.

     (d) Binding Effect. This Note shall be binding upon, and shall inure to the
benefit of, the Company and the Holder and their respective successors and
assigns; provided, however, that the Company may not assign its obligations
hereunder without the Holder's prior written consent.

     (e) Enforcement Costs. The Company agrees to pay all costs and expenses,
including, without limitation, reasonable attorneys' fees and expenses, the
Holder expends or incurs in connection with the enforcement of this Note, the
collection of any sums due hereunder, any actions for declaratory relief in any
way related to this Note, or the protection or preservation of any rights of the
Holder hereunder.

     (f) Notices. Any notice, request or other communication required or
permitted hereunder shall be in writing and shall be duly given upon receipt if
personally delivered or mailed by registered or certified mail, postage prepaid,
or by recognized overnight courier or personal delivery, addressed (i) if to
Holder, at the address or facsimile number of such Holder as set forth below
such party's name on Exhibit A to the Purchase Agreement, or at such other
address or number as such Holder shall have furnished to the Company in writing,
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or (ii) if to Company, at 22 Fourth Street, 16th Floor, San Francisco, CA 94103,
Attention: Chief Financial Officer or at such other address as Company shall
furnish to the Purchaser in writing.

     (g) Payment. Payment shall be made in lawful tender of the United States.

     (h) Transfer of Note or Securities Issuable on Conversion Hereof. This Note
or the securities issuable on conversion hereof may not be transferred in
violation of any restrictive legend set forth hereon or thereon. Each new Note
issued upon transfer of this Note, and each security issuable on conversion
hereof, shall bear the restrictive legend set forth below, unless in the opinion
of counsel for Company such legend is not required in order to ensure compliance
with the Act:

         "THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
         UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD OR
         OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
         STATEMENT FILED UNDER SUCH ACT OR PURSUANT TO AN EXEMPTION FROM
         REGISTRATION UNDER SUCH ACT."

The Company may issue stop transfer instructions to its transfer agent in
connection with such restrictions. Subject to the foregoing, transfers of this
Note shall be registered upon registration books maintained for such purpose by
or on behalf of the Company as provided in the Purchase Agreement. Prior to
presentation of this Note for registration of transfer, the Company shall treat
the registered holder hereof as the owner and holder of this Note for the
purpose of receiving all payments of principal and interest hereon and for all
other purposes whatsoever, whether or not this Note shall be overdue and Company
shall not be affected by notice to the contrary.

     (i) Headings. Section headings used in this Note have been set forth herein
for convenience of reference only. Unless the contrary is compelled by the
context, everything contained in each section hereof applies equally to this
entire Note.

     IN WITNESS WHEREOF, the Company has caused this Note to be issued as of the
date first written above.

                                                    Salon Media Group, Inc.


                                                    By: /s/ Michael O'Donnell

                                                    Name: Michael O'Donnell

                                                    Title: President / CEO