<PAGE>

                                                                   EXHIBIT 4.2.3


EXCEPT AS OTHERWISE PROVIDED IN THIS WARRANT, THE SECURITIES EVIDENCED BY THIS
WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED UNLESS (i) THERE IS
AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT COVERING SUCH SECURITIES, (ii)
THE SALE IS MADE IN ACCORDANCE WITH RULE 144 UNDER THE ACT, OR (iii) THE COMPANY
RECEIVES AN OPINION OF COUNSEL FOR THE HOLDER OF THESE SECURITIES REASONABLY
SATISFACTORY TO THE COMPANY STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR
HYPOTHECATION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY
REQUIREMENTS OF THE ACT.

                            SALON MEDIA GROUP, INC.

                         COMMON STOCK PURCHASE WARRANT

          1.   Price and Number of Shares Subject to Warrant.  FOR VALUE
               ----------------------------------------------
RECEIVED and subject to the terms and conditions herein set forth,
[___________], (the "Purchaser"), is entitled to purchase from Salon Media
                     ---------
Group, Inc., a Delaware corporation (the "Company"), at any time after 5:00 p.m.
                                          -------
California time on August 9, 2001 and before the termination of this Warrant
pursuant to Section 12 below, at a price per share equal to $0.2875, as adjusted
in accordance with Section 3 below (the "Warrant Price"), that number of shares
                                         -------------
indicated in Section 2 below of fully paid and nonassessable shares of the
Common Stock of the Company (which Common Stock currently trades on the NASDAQ
National Market), as adjusted pursuant to Section 3 (the "Warrant Shares").
                                                          --------------

          2.   Number of Shares of Warrant Shares.  The number of Warrant Shares
               ----------------------------------
for which this Warrant is exercisable is equal to [___________________] shares
of the Common Stock of the Company.

          3.   Adjustment of Warrant Price and Warrant Shares.  The number of
               -----------------------------------------------
shares of Warrant Shares issuable upon the exercise of this Warrant and the
exercise price thereof shall be subject to adjustment from time to time, and the
Company agrees to provide notice upon the happening of certain events, as
follows:

               (a) Merger, Sale of Assets, etc. If at any time the Company
                   ---------------------------
proposes to (i) consolidate with or merge with or sell or convey all or
substantially all of its assets to any other corporation or entity, or (ii)
distribute stock, securities or other assets to the holders of Common Stock in
exchange for their shares of the Company's Common Stock, then the Company shall
give the holder of this Warrant thirty (30) days advance notice of the effective
date of such transaction and to the extent the Warrant has not been exercised in
full by the effective date of such transaction, this Warrant shall terminate.
The foregoing notwithstanding, a merger or consolidation of the Company with or
into another corporation after which the
<PAGE>

shareholders of the Company immediately prior to such transaction hold more than
fifty percent (50%) of the voting power of the surviving entity, shall not
result in termination of this Warrant; instead this Warrant shall be exchanged
for a warrant of the surviving corporation that shall entitle the holder hereof
to acquire upon the exercise thereof the number of shares of stock or other
property to which the holder of the number of shares of the Warrant Shares which
are subject to this Warrant on the effective date of the merger would have been
entitled to receive for such securities under the terms of the merger.

          (b)  Reclassification, etc.  If the Company at any time shall, by
               ----------------------
subdivision, combination or reclassification of securities or otherwise, change
any of the securities to which purchase rights under this Warrant exist into the
same or a different number of securities of any class or classes, this Warrant
shall thereafter entitle its holder to acquire such number and kind of
securities as would have been issuable as the result of such change with respect
to the securities which were subject to the purchase rights under this Warrant
immediately prior to such subdivision. combination, reclassification or other
change. If shares of the class of the Company's stock for which this Warrant is
being exercised are subdivided or combined into a greater or smaller number of
shares of stock, the Warrant Price shall be proportionately reduced in the case
of subdivision of shares or proportionately increased in the case of combination
of shares, in both cases by the ratio which the total number of shares of such
class of stock to be outstanding immediately after such event bears to the total
number of shares of such class of stock outstanding immediately prior to such
event.

          (c)  Adjustment for Dividends in Stock.  In case at any time or from
               ---------------------------------
time to time on or after the date hereof the holders of the shares of the
Company's capital stock of the same class and series as the Warrant Shares (or
any shares of stock or other securities at the time receivable upon the exercise
of this Warrant) shall have received, or, on or after the record date fixed for
the determination of eligible shareholders, shall have become entitled to
receive, without payment therefor, other or additional stock of the Company by
way of dividend, then and in each case, the holder of this Warrant shall, upon
the exercise hereof, be entitled to receive, in addition to the number of shares
of Warrant Shares receivable thereupon, and without payment of any additional
consideration therefor, the amount of such other or additional stock of the
Company which such holder would hold on the date of such exercise had it been
the holder of record of such Warrant Shares on the date hereof and had
thereafter, during the period from the date hereof to and including the date of
such exercise, retained such shares and/or all other additional stock receivable
by it as aforesaid during such period, giving effect to all adjustments called
for during such period by paragraph (c) of this Section 3.

          (d)  Adjustment of Warrant Price.
               ---------------------------

               (i)  Special Definitions.  For purposes of this Section 3(d),
                    -------------------
the following definitions shall apply:


                    (A)   "Options" shall mean rights, options or warrants to
subscribe for, purchase or otherwise acquire either Common Stock or Convertible
Securities (as defined below).
<PAGE>

                    (B)       "Convertible Securities" shall mean any evidences
of indebtedness, shares or other securities convertible into or exchangeable for
Common Stock.

                    (C)       "Additional Shares of Common Stock" shall mean all
shares of Common Stock issued (or, pursuant to Section 3(d) below, deemed to be
issued) by the Company after the Warrant Issue Date (as defined below), other
than shares of Common Stock issued or issuable:

                    (I)       upon conversion of shares of Series A Preferred
Stock;

                    (II)      shares to officers, directors or employees of, or
consultants to, the Company pursuant to a warrant, stock grant, option agreement
or plan, purchase plan or other employee stock incentive program or agreement
approved by the Board of Directors;

                    (III)     in connection with the acquisition by the Company
of another business entity or majority ownership thereof approved by the Board
of Directors;

                    (IV)      shares or warrants issued to lease companies, real
estate lessors, banks or financial institutions, in connection with any lease or
debt financing transaction approved by the Board of Directors;

                    (V)       shares of Common Stock or Preferred Stock issuable
upon exercise of warrants outstanding as of the date of this Certificate of
Designation;

                    (VI)      in connection with a transaction described in
Section 3(d)(vi);

                    (VII)     in connection with a strategic investment and/or
acquisition of technology or intellectual property approved by the Board of
Directors;

                    (VIII)    by way of dividend or other distribution on shares
of Common Stock excluded from the definition of Additional Shares of Common
Stock by the foregoing clauses (1) through (7).

                    (D)       "Warrant Issue Date" shall mean the date on which
the Warrant was first issued by the Company.

               (ii) No Adjustment of Warrant Price. No adjustment in the Warrant
                    ------------------------------
Price shall be made with respect to the issuance of Additional Shares of Common
Stock unless the consideration per share for an Additional Share of Common Stock
issued or deemed to be issued by the Company is less than the Warrant Price in
effect on the date of, and immediately prior to, such issue.
<PAGE>

          (iii)     Deemed Issue of Additional Shares of Common Stock. In the
                    -------------------------------------------------
event the Company at any time or from time to time after the Warrant Issue Date
shall issue any Options or Convertible Securities or shall fix a record date for
the determination of holders of any class of securities entitled to receive any
such Options or Convertible Securities, then the maximum number of shares (as
set forth in the instrument relating thereto without regard to any provisions
contained therein for a subsequent adjustment of such number) of Common Stock
issuable upon the exercise of such Options or, in the case of Convertible
Securities, the conversion or exchange of the Convertible Securities shall be
deemed to be Additional Shares of Common Stock issued as of the time of the
issuance of such Option or Convertible Security or, in case such a record date
shall have been fixed, as of the close of business on such record date:

                    (A)  except as provided in Section 3(d)(iii)(B) and
3(d)(iii)(C) below, no further adjustment in the Warrant Price shall be made
upon the subsequent issue of Convertible Securities or shares of Common Stock
upon the exercise of such Options or conversion or exchange of such Convertible
Securities;

                    (B)  if such Options or Convertible Securities by their
terms provide, with the passage of time or otherwise, for any change in the
consideration payable to the Company, or change in the number of shares of
Common Stock issuable, upon the exercise, conversion or exchange thereof (other
than under or by reason of provisions designed to protect against dilution), a
Warrant Price computed upon the original issue thereof (or upon the occurrence
of a record date with respect thereto) and any subsequent adjustments based
thereon, shall, upon any such increase or decrease becoming effective, be
recomputed to reflect such increase or decrease insofar as it affects such
Options or the rights of conversion or exchange under such Convertible
Securities;

                    (C)  upon the expiration of any such Options or Convertible
Securities, the Warrant Price, to the extent in any way affected by or computed
using such Options or Convertible Securities, shall be recomputed to reflect the
issuance of only the number of shares of Common Stock actually issued upon the
exercise of such Options or Convertible Securities; and

                    (D)  no readjustment pursuant to Section 3(d)(iii) clauses
(B) and (C) above shall have the effect of increasing the Warrant Price to an
amount which exceeds the lower of (1) the Warrant Price on the original
adjustment date or (2) the Warrant Price that would have resulted from any
issuance of Additional Shares of Common Stock between the original adjustment
date and such readjustment date.

                    (iv) Adjustment of Warrant Price Upon Issuance of Additional
                         -------------------------------------------------------
Shares of Common Stock Below Purchase Price. In the event this Corporation shall
-------------------------------------------
issue Additional Shares of Common Stock (including Additional Shares of Common
Stock deemed to be issued pursuant to Section 3(d)(iii)), after the Warrant
Issue Date, without consideration or for a consideration per share less than the
Warrant Price in effect on the date of and immediately prior to such issue (such
issuance price being referred to herein as the "Dilution Price"), then and in
each such event the Warrant Price shall automatically be adjusted as set forth
in this Section 3(d)(iv), unless otherwise provided in this Section 3(d)(i).
<PAGE>

                    (A)  Adjustment Formula. Whenever the Conversion Price is
                         ------------------
adjusted by Section 3(d)(iv), the new Warrant Price shall be determined by
multiplying the Warrant Price then in effect by a fraction, the numerator of
which shall be the number of shares of Common Stock outstanding immediately
prior to such issue plus the number of shares of Common Stock which the
aggregate consideration received by the Company for the total number of
Additional Shares of Common Stock so issued would purchase at such Warrant Price
in effect immediately prior to such issuance, and the denominator of which shall
be the number of shares of Common Stock outstanding immediately prior to such
issues plus the number of such additional shares of Common Stock so issued. For
the purposes of this paragraph, the number of outstanding shares of Common Stock
shall be deemed to include the Common Stock issuable on conversion of all other
outstanding Preferred Stock, upon conversion or exercise of any other
outstanding Convertible Securities and upon exercise of all vested Options (and
assuming conversion of Convertible Securities issuable upon exercise of
Options).

               (iv) Determination of Consideration. For purposes of this Section
                    ------------------------------
3(d), the consideration received by the Company for the issue of any Additional
Shares of Common Stock shall be computed as follows:


                    (A)  Cash and Property:  Such consideration shall:
                         -----------------

                         (1)  insofar as it consists of cash, be computed at the
aggregate amount of cash received by the Company before deducting any reasonable
discounts, commissions or other expenses allowed, paid or incurred by the
Company for any underwriting or otherwise in connection with the issuance and
sale thereof;

                         (2)  insofar as it consists of property other than
cash, be computed at the fair value thereof at the time of such issue, as
determined by Board in the good faith exercise of its reasonable business
judgment; and

                         (3)  in the event Additional Shares of Common Stock are
issued together with other shares or securities or other assets of the Company
for consideration which covers both, be the proportion of such consideration so
received, computed as provided in clauses (1) and (2) above, as determined in
good faith by the Board.

                    (B)  Options and Convertible Securities. The consideration
                         ----------------------------------
per share received by the Company for Additional Shares of Common Stock deemed
to have been issued pursuant to Section 3(d), relating to Options and
Convertible Securities, shall be determined by dividing:

                              (1)  the total amount, if any, received or
receivable by the Company as consideration for the issue of such Options or
Convertible Securities, plus the minimum aggregate amount of additional
consideration (as set forth in the instruments relating thereto, without regard
to any provision contained therein for a subsequent adjustment of such
consideration) payable to the Company upon the exercise of such Options or the
conversion or exchange of such Convertible Securities, or in the case of Options
for Convertible Securities, the exercise of such Options for Convertible
Securities and the conversion or exchange of such Convertible Securities, by
<PAGE>

                              (2)  the maximum number of shares of Common Stock
(as set forth in the instruments relating thereto, without regard to any
provision contained therein for a subsequent adjustment of such number) issuable
upon the exercise of such Options or the conversion or exchange of such
Convertible Securities.

          4.   No Stockholder Rights.  This Warrant, by itself, as distinguished
               ----------------------
from any shares purchased hereunder, shall not entitle its holder to any of the
rights of a stockholder of the Company.

          5.   Exercise of Warrant.  This Warrant may be exercised in whole or
               -------------------
part by the holder, at any time after the date hereof and prior to the
termination of this Warrant, by the surrender of this Warrant, together with the
Notice of Exercise attached hereto as Attachment 1, duly completed and executed
                                      ------------
at the principal office of the Company, accompanied by payment in full of the
Warrant Price in cash or by check with respect to the shares of Warrant Shares
being purchased.  This Warrant shall be deemed to have been exercised
immediately prior to the close of business on the date of its surrender for
exercise as provided above, and the person entitled to receive the shares of
Warrant Shares issuable upon such exercises shall be treated for all purposes as
holder of such shares of record as of the close of business on such date.  As
promptly as practicable after such date, the Company shall issue and deliver to
the person or persons entitled to receive the same a certificate or certificates
for the number of full shares of Warrant Shares issuable upon such exercise.

          6.   Conversion.  In lieu of exercising this Warrant or any portion
               ----------
hereof by paying cash, the holder hereof shall have the right to convert this
Warrant or any portion hereof and  receive Warrant Shares by executing and
delivering to the Company at its principal office the written notice of
conversion in the form attached hereto as Attachment 2, respectively, specifying
                                          ------------
the portion of the Warrant to be converted, and accompanied by this Warrant.
The number of shares of Warrant Shares to be issued upon such conversion shall
be computed using the following formula:

     X = (P)(Y)(A-B)/A

     Where     X =     the number of shares of Warrant Shares to be issued to
                       the holder for the portion of the Warrant being
                       converted.

               P =     the portion in the form of a fraction of the Warrant
                       being converted.

               Y =     the total number of shares of Warrant Shares issuable
                       upon exercise of the Warrant in full.

               A =     the fair market value of one share of Warrant Shares
                       which shall mean the last reported sale price per share
                       of the Common Stock as reported on the Nasdaq National
                       Market (or if the Common Stock is not then listed on the
                       Nasdaq National Market, then such last reported sale
                       price on a national securities exchange or other
                       nationally recognized exchange or trading system) on the
                       day upon
<PAGE>

                    which the holder delivered its notice of conversion to the
                    Company, or if no such price is reported on such day, such
                    price on the next preceding business day for which such
                    price is reported.

               B =  the Warrant Price on the day upon which the holder delivered
                    its notice of conversion to the Company.

Any portion of this Warrant that is converted shall be immediately canceled.

          7.   Certificate of Adjustment.  Whenever the Warrant Price or number
               --------------------------
or type of securities issuable upon exercise of this Warrant is adjusted, as
herein provided, the Company shall deliver to the record holder of this Warrant
a certificate of an officer or other authorized person of the Company setting
forth the nature of such adjustment and a brief statement of the facts requiring
such adjustment.

          8.   Sale or Transfer of Warrant.  The Purchaser shall not sell or
               ---------------------------
transfer this Warrant other than to an affiliate of Purchaser.  For the purposes
of this Agreement, an "Affiliate" shall mean any partner, limited partner or
member of Purchaser or any person or entity that directly or indirectly through
one or more intermediaries controls or is controlled by or is under common
control with Purchaser.

          9.   Successors and Assigns.  The terms and provisions of this Warrant
               ----------------------
shall inure to the benefit of, and be binding upon the Company, its successors
and assigns.  This Warrant cannot be assigned by Purchaser, except to an
Affiliate, without the express written consent of the Company.

          10.  Representations and Covenants of the Company.  The Company makes
               --------------------------------------------
the following representations and covenants:

               (a) Authorization. All corporate action on the part of the
                   -------------
Company, its officers, directors and stockholders necessary for the
authorization, execution and delivery of this Warrant, the performance of all
obligations of the Company hereunder and thereunder, and the authorization,
issuance (or reservation for issuance), sale and delivery of the Warrant Shares
issuable hereunder has been taken or will be taken prior to the Closing, and
this Warrant constitutes valid and legally binding obligations of the Company,
enforceable in accordance with its terms, except (i) as limited by applicable
bankruptcy, insolvency, reorganization, moratorium and other laws of general
application affecting enforcement of creditors' rights generally, (ii) as
limited by laws relating to the availability of specific performance, injunctive
relief or other equitable remedies and (iii) to the extent the indemnification
provisions contained in this Warrant may be limited by applicable federal or
state securities laws.

               (b) Valid Issuance of Common Stock.  The Warrant Shares issuable
                   ------------------------------
hereunder, when issued, sold and delivered in accordance with the terms of this
Warrant for the consideration expressed herein, will be duly and validly issued,
fully paid and nonassessable, and will be free of restrictions on transfer other
than restrictions on transfer under this Warrant and under applicable state and
federal securities laws.
<PAGE>

          (c) Reservation of Common Stock.  The Common Stock issuable upon
              ---------------------------
exercise or conversion of this Warrant has been duly and validly reserved. The
Company will at all times during the term of the Warrant have authorized and
reserved a sufficient number of shares of Common Stock to provide for the
exercise rights represented by the Warrant, free from preemptive rights.  In the
event the number of authorized but unissued shares of Common Stock are not
sufficient to permit exercise of the Warrant, the Company will take any such
corporate action necessary to increase its authorized but unissued shares of
common Stock to permit such exercise.

          (d) Company Action.  The Company will at all times during the term of
              --------------
this Warrant act in good faith to assist in the carrying out of all of the
provisions of this Warrant.  The Company will at all times during the term of
the Warrant take any and all action as may be necessary or appropriate to
protect the exercise of the rights of the Purchaser under this Warrant.

     11.  Representations and Covenants of the Purchaser.  This Warrant has
          ----------------------------------------------
been entered into by the Company in reliance upon the following representations
and covenants of the Purchaser:



          (a) Investment Purpose.  The right to acquire Common Stock contained
              ------------------
herein will be acquired for investment and not with a view to the sale or
distribution of any part thereof, and the Purchaser has no present intention of
selling or engaging in any public distribution of the same except pursuant to a
registration or exemption.

          (b) Private Issue.  The Purchaser understands (i) that the Common
              -------------
Stock issuable upon exercise of the purchase rights under this Warrant is not
registered under the Securities Act of 1933 Act or qualified under applicable
state securities laws on the ground that the issuance contemplated by this
Warrant will be exempt from the registration and qualifications requirements
thereof, and (ii) that the Company's reliance on such exemption is predicated on
the representations set forth in this Section

          (c) Financial Risk.  The Purchaser has such knowledge and experience
              --------------
in financial and business matters as to be capable of evaluating the merits and
risks of its investment, and has the ability to bear the economic risks of its
investment.

          (d) Accredited Investor.  Purchaser is an "accredited investor" within
              -------------------
the meaning of SEC Rule 501 of Regulation D, as presently in effect.

          (e) Authorization.  This Warrant constitutes the Purchaser's valid and
              -------------
legally binding obligation, enforceable in accordance with its terms.

          (f) Disclosure of Information.  Purchaser believes it has received all
              -------------------------
the information it considers necessary or appropriate for deciding whether to
purchase the rights under this Warrant. Purchaser further represents that it has
had an opportunity to ask questions and receive answers from the Company
regarding the terms and conditions of the Warrant and the Common Stock issuable
upon exercise of the purchase rights thereunder.
<PAGE>

          (g)  Investment Experience.  Purchaser is an investor in securities of
               ---------------------
companies and acknowledges that it is able to fend for itself, can bear the
economic risk of its investment and has such knowledge and experience in
financial or business matters that it is capable of evaluating the merits and
risks of the investment in the Company's stock. If other than an individual,
Purchaser also represents that it has not been organized for the purpose of
acquiring the rights under this Warrant.

          (h)  Legends.  It is understood that the Common Stock issuable upon
               -------
exercise of the rights under this Warrant may bear one or all of the following
legends:

               (i)   "THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT
 BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT") AND
 ARE "RESTRICTED SECURITIES" AS DEFINED IN RULE 144 PROMULGATED UNDER THE ACT.
 THE SECURITIES MAY NOT BE SOLD OR OFFERED FOR SALE OR OTHERWISE DISTRIBUTED
 EXCEPT (i) IN CONJUNCTION WITH AN EFFECTIVE REGISTRATION STATEMENT FOR THE
 SHARES UNDER THE ACT OR (ii) IN COMPLIANCE WITH RULE 144, OR (iii) PURSUANT TO
 AN OPINION OF COUNSEL, THAT SUCH REGISTRATION OR COMPLIANCE IS NOT REQUIRED AS
 TO SAID SALE, OFFER OR DISTRIBUTION."

               (ii)  Any legend required by the laws of the State of California
 or other states, including any legend required by the California Department of
 Corporations and Sections 417 and 418 of the Corporations Code.

     12.  Termination. Unless otherwise terminated pursuant to Section 3 (a)
          -----------
above, this Warrant shall terminate at 5:00 p.m., California time, on the fifth
anniversary of the date hereof.

     13.  Notices. Unless otherwise provided, any notice required or permitted
          -------
under this Warrant shall be given in writing and shall be deemed effectively
given upon personal delivery to the party to be notified or upon deposit with
the United States Post Office, by registered or certified mail, postage prepaid
and addressed to the party to be notified at the address supplied by Purchaser
to the Company or at such other address as Purchaser shall designate by ten days
advance written notice to the Company.

     14.  Miscellaneous. This Warrant shall be governed by the laws of the State
          -------------
of California, as such laws are applied to contracts to be entered into and
performed entirely in California by California residents. The headings in this
Warrant are for purposes of convenience and reference only, and shall not be
deemed to constitute a part hereof. Any provision of this Warrant may be
amended, waived or modified upon the written consent of the Company, and the
Purchaser; provided, however that each other Purchaser of a Warrant shall, at
           --------  -------
its option, be entitled to amend, waive or modify the Warrant held by such
Purchaser in a similar manner.
<PAGE>

Upon delivery of written notice to the Company by the Purchaser, this Warrant
shall be deemed amended, waived or modified in the same manner as any other
Warrant.  Any amendment or waiver effected in accordance with this Section 14
shall be binding upon the Company, the Purchaser and each transferee of this
Warrant.



                                    SALON MEDIA GROUP, INC.



                                    Signed:_____________________________________
                                            Michael O'Donnell, President