Document:

<PAGE>
                                                                    EXHIBIT 10.0

  *Certain information in this document has been omitted and filed separately
 with the Commission. Confidential treatment has been requested with respect to
                             the omitted portions.

                           STOCK PURCHASE AGREEMENT

     THIS STOCK PURCHASE AGREEMENT (this "Agreement") is made as of December
                                          ---------
__, 1999 between Salon.com, a Delaware corporation (the "Company"), and Rainbow
                                                         -------
Media Holdings, Inc., a Delaware corporation (the "Purchaser"). The parties
                                                   ---------
hereby agree as follows:

Sale and Issuance of the Shares; Consideration. Subject to the terms and
----------------------------------------------
conditions hereof, at the Closing (as defined below), the Company will issue and
sell to the Purchaser and the Purchaser will purchase from the Company 1,125,000
shares of the Company's $.001 par value, Common Stock (the "Shares") at a
purchase price of $10.50 per share, or an aggregate purchase price of
$11,812,500. In consideration for the Shares, the Purchaser at the Closing will
deliver to the Company a check in the amount of $1,125.00, plus Purchaser's
agreement to make or cause to be made available advertising and/or promotional
inventory for the Company's on-line sites with an aggregate value, determined as
provided below, of $11,811,375 over the period from the date hereof through
December 31, 2009 (subject to extension pursuant to Section 6.2 hereof, the
"Promotional Period"). Purchaser shall provide $11,811,375 of advertising and
promotional inventory in the form of conventional advertising spots on the BRAVO
program service, advertising or promotional inventory on any other program
service, on-line site or broadband service owned, operated or distributed by any
affiliate of the Purchaser, and/or other forms of media promotion available from
the Purchaser or any affiliate of the Purchaser (e.g., arena signage,
billboards, print advertisements); provided that the Purchaser shall deliver or
cause to be delivered [****] of any such value delivered in any calendar year in
the form of advertising and/or promotional inventory of affiliates of the
Purchaser other than Bravo Company ("Bravo"). Conventional advertising spots
shall be valued based upon the [****]. Any conventional advertising spots on
BRAVO provided in any calendar year shall be delivered in accordance with the
following daypart allocation: [****]. Any conventional advertising spots on
other program services described herein which are provided in any calendar year
shall be delivered [****] with an allocation among dayparts similar to the
allocation for BRAVO. Up to [****] of any such value delivered in any calendar
year may, at Purchaser's option, be provided in the form of "integrated
interstitial". The content of any "integrated interstitial" delivered hereunder
shall be produced by the Purchaser or its applicable affiliate using content
supplied by the Company. Integrated interstitial may appear as voice-over
credits on programming or as short-form video pieces appearing during or
immediately adjacent to program credits, but may not include interstitials in
any of the television shows produced by the Company pursuant to the Production
Agreement between Bravo and the Company. Integrated interstitial shall be valued
at [****]. The value of any other forms of media promotion made available from
the Purchaser or any affiliate of the Purchaser (e.g., arena signage,
billboards, print advertisements) shall be determined based upon the then
current market rate for such inventory or other promotional outlet, determined
on an annual basis.

     Advertising and/or promotional inventory to be delivered by or on behalf of
Purchaser in any calendar year on the BRAVO program service or on other
affiliates of the Purchaser shall be allocated among such affiliates
substantially in accordance with an advertising plan proposed by Purchaser
within sixty (60) days from the date hereof for calendar year 2000 (and by the
December 1 preceding each calendar year thereafter during the Promotional
Period). Each such annual plan shall include the form of inventory to be
provided (including any conventional advertising spots and integrated
interstitials), the approximate value thereof, and the programming service(s)
and other media, if any, through which such inventory shall be made available.
The chief executive officer of each of the Company and the Purchaser shall
discuss and attempt to resolve any material objection which the Company might
have to such annual plan. The Company shall have the right to require within 15
days of its receipt of the plan that the Purchaser re-allocate the inventory
proposed to be made available on one (1) such programming service (other than
the BRAVO program service) to the BRAVO service or to another affiliate of the
Purchaser, as the Purchaser may determine; provided that if additional inventory
on such other services or media is not then available, then Purchaser may defer
the delivery of such additional inventory to a subsequent period during the
Promotional Period.

     * Certain information in this page has been omitted and filed separately
with the Commission. Confidential treatment has been requested with respect to
the omitted portions.

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     The Company shall fully bear the costs of producing advertising and
promotional spots to be aired pursuant to this Section 1. The Purchaser shall
provide or cause to be provided to the Company, within 14 days after the end of
each calendar quarter, a statement which sets forth the advertising and/or
promotional inventory, if any, so made available to the Company during such
calendar quarter, the value thereof, the applicable affiliate of Purchaser which
provided such inventory and the form in which, and times during which, such
inventory was provided (and shall provide an interim, condensed version of such
report on a monthly basis within 14 days after the end of each calendar month).

     If during the Promotional Period Bravo effects a radical and fundamental
change in the general overall theme of the programming on the BRAVO programming
service with the intent of targetting a viewing audience with materially
different demographics (e.g., changing from predominantly film and arts
programming to pornographic programming), then for the remainder of the
Promotional Period during which such programming on BRAVO remains materially
altered, the Purchaser shall not have the right to deliver any of the
advertising and/or promotional inventory to be delivered pursuant to this
Section 1 on the BRAVO programming service. If the Purchaser is unable to
deliver all of the remaining undelivered consideration for the Shares during the
balance of the Promotional Period in the form of advertising and/or promotional
inventory in accordance with the terms and conditions of this Agreement, then
the Purchaser may deliver any such remaining consideration to the Company in
cash. Notwithstanding the foregoing, nothing in this Agreement shall interfere
with or prevent the selection of programming to be aired on the BRAVO
programming service.

     If during the Promotional Period the Purchaser no longer controls the
entity which operates the BRAVO programming service (for these purposes, control
shall mean the possession, directly or indirectly, of the power to direct or
cause the direction of the management and policies of such entity, whether
through ownership of voting securities or partnership or membership interests,
by contract or otherwise), then the Purchaser shall use reasonable efforts to
secure the right thereafter to make available advertising and/or promotional
inventory for the Company's on-line sites on the BRAVO programming service in an
amount equal to at least 60% of the then remaining aggregate value of
advertising and/or promotional inventory to be delivered by or on behalf of the
Purchaser pursuant to this Section 1. If the Purchaser is unable to secure such
right, then the Purchaser shall deliver any such remaining aggregate value to
the Company in cash.

     The Purchaser shall not sell or transfer any of the Shares other than to an
affiliate of Purchaser prior to the first anniversary of the Closing Date.

Closing; Delivery.
-----------------

Closing Date. The closing (the "Closing") comprising the purchase by the
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Purchaser and sale by the Company of the Shares and the other transactions
contemplated hereby shall be held at the offices of Sullivan & Cromwell, 125
Broad Street, New York, New York 10004 on the second business day following the
date upon which all of the conditions set forth in Section 5 hereof have been
satisfied or waived or at such other time and place as the Company and the
Purchaser may agree in writing (the "Closing Date").
                                     ------------

Delivery. Subject to the terms and conditions of this Agreement, at the Closing,
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the Company shall issue and deliver to the Purchaser a certificate representing
the Shares, the Purchaser shall simultaneously issue and deliver a check payable
to the Company in the amount of $1,125.00, and each of the Company and the
Purchaser (or Bravo, as the case may be), shall execute and deliver the
Production Agreement in the form attached hereto as Exhibit B (the "Production
                                                                    ----------
Agreement"),and the On-Line Content Sharing Agreement in the form attached
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hereto as Exhibit C (the "On-Line Content Sharing Agreement"). This Agreement,
                          ---------------------------------
the Production Agreement and the On-Line Content Sharing Agreement are
hereinafter collectively referred to as the "Transaction Agreements".

Representations and Warranties of the Company. The Company hereby represents and
warrants to the Purchaser that:

Organization and Standing. The Company is a corporation duly organized, validly
-------------------------
existing and in good standing under the laws of the State of Delaware and has
all requisite corporate power and authority to carry on its businesses as now
conducted and as proposed to be conducted.

Corporate Power. The Company has all requisite corporate power necessary for the
---------------
authorization, execution and delivery of this Agreement and the other
Transaction Agreements. Each of the Transaction
<PAGE>

Agreements is a valid and binding obligation of the Company, enforceable in
accordance with its terms, except as the same may be limited by bankruptcy,
insolvency, moratorium, and other laws of general application affecting the
enforcement of creditors' rights.

Capitalization. As of September 30, 1999, the authorized capital stock of the
--------------
Company is 50,000,000 shares of Common Stock and 5,000,000 shares of Preferred
Stock, and there are issued and outstanding 11,364,674 shares of the Common
Stock and no shares of Preferred Stock. All such issued and outstanding shares
have been duly authorized and validly issued, are fully paid and nonassessable,
and were issued in compliance with all applicable state and federal laws
concerning the issuance of securities. Since September 30, 1999, the Company has
not issued any shares of capital stock other than upon the exercise of stock
options and warrants.

Authorization.
-------------

Corporate Action. All corporate action on the part of the Company, its officers,
----------------
directors and stockholders necessary for the sale and issuance of the Shares and
the authorization, execution and performance of the Company's obligations
hereunder and under the other Transaction Agreements has been taken.

Valid Issuance. The Shares when issued in compliance with the provisions of this
--------------
Agreement will be validly issued, fully paid and nonassessable and will be free
of restrictions on transfer other than restrictions under the Transaction
Agreements and under applicable federal and state securities laws.

No Preemptive Rights. No person has any right of first refusal or any preemptive
--------------------
rights in connection with the issuance of the Shares or any future issuances of
securities by the Company.

Compliance with Other Instruments. The execution, delivery and performance of
---------------------------------
and compliance with this Agreement or the other Transaction Agreements by the
Company, and the issuance and sale of Shares will not (a) result in any
violation of the Certificate of Incorporation or Bylaws of the Company or in any
violation of or default in any material respect under the terms of any mortgage,
indenture, contract, agreement, instrument, judgment or decree.

Consents. No consent, approval or authorization of or designation, declaration
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or filing with any governmental authority or other third party on the part of
the Company is required in connection with: (a) the valid execution and delivery
of the Transaction Agreements; or (b) the offer, sale or issuance of Shares.

Offering. In reliance on the representations and warranties of the Purchaser in
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Section 4 hereof, the offer, sale and issuance of Shares in conformity with the
terms of this Agreement will not result in a violation of the Securities Act of
1933, as amended (the "Securities Act"), or any state securities laws, including
                       --------------
the qualification or registration requirements of applicable blue sky laws.

Company Reports; Disclosure.
---------------------------

Company Reports. For the purposes of this Agreement, the term "Company Reports"
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shall mean, collectively, each registration statement, report, proxy statement
or information statement filed with the Securities and Exchange Commission (the
"SEC") since January 1, 1999, including the Company's Quarterly Report on Form
 ---
10-Q for the quarterly period ended September 30, 1999, in the form (including
exhibits, annexes and any amendments thereto) filed with the SEC. As of their
respective dates, the Company Reports complied in all material respects with the
requirements of the Securities Act and the Securities Exchange Act of 1934, as
amended (the "Exchange Act"), and did not contain any untrue statement of a
              ------------
material fact or omit to state a material fact required to be stated therein or
necessary to make the statements made therein, in light of the circumstances in
which they were made, not misleading. Except for the election of two (2)
directors to the Company's Board of Directors and the use by the Company of its
cash on hand in the ordinary course of business, nothing has occurred since
September 30, 1999 which would require the filing of any additional report or of
any amendment to any of the Company Reports with the SEC, or which would cause
any of the Company Reports to contain any untrue statement of a material fact or
omit to state a material fact required to be stated therein or necessary to make
the statements made therein, in light of the circumstances in which they were
made, not misleading.

Disclosure. No representation or warranty by the Company in this Agreement, or
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in any document or certificate furnished or to be furnished to the Purchaser
pursuant hereto or in connection with the

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<PAGE>

transactions contemplated hereby, when taken together, contains or will contain
any untrue statement of a material fact or omits or will omit to state a
material fact necessary to make the statements made herein and therein, in the
light of the circumstances under which they were made, not misleading. The
Company has either filed with the SEC or fully provided the Purchaser with all
the information necessary for the Purchaser to decide whether to purchase the
Shares.

Representations and Warranties of the Purchaser or Bravo (as the case may be)
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and Restrictions on Transfer Imposed by the Securities Act. The Purchaser
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represents and warrants to the Company as to itself (and Bravo represents and
warrants to the Company as to itself) as follows:

Organization and Standing. The Purchaser is a corporation duly organized,
-------------------------
validly existing and in good standing under the laws of the State of Delaware
and has all requisite corporate power and authority to carry on its businesses
as now conducted and as proposed to be conducted. Bravo is a partnership duly
organized and validly existing under the laws of the State of New York and has
all requisite partnership power and authority to carry on its business as now
conducted and as proposed to be conducted.

Power. The Purchaser has all requisite corporate power necessary for the
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authorization, execution and delivery of the Transaction Agreements to which it
is a party. Bravo has all requisite partnership power necessary for the
authorization, execution and delivery of the Transaction Agreements to which it
is a party. Each of the Transaction Agreements to which the Purchaser or Bravo
(as the case may be) is a party is a valid and binding obligation of the
Purchaser or Bravo (as the case may be), enforceable against the Purchaser or
Bravo (as the case may be) in accordance with its terms, except as the same may
be limited by bankruptcy, insolvency, moratorium, and other laws of general
application affecting the enforcement of creditors' rights.

Authorization. All corporate action on the part of the Purchaser, its officers,
-------------
directors and stockholders necessary for the authorization, execution and
performance of the Purchaser's obligations hereunder and under the other
Transaction Agreements to which it is a party have been taken. All partnership
action on the part of Bravo necessary for the authorization, execution and
performance of Bravo's obligations under the Transaction Agreements to which it
is a party have been taken.

Compliance with Other Instruments. The execution, delivery and performance of
---------------------------------
and compliance with this Agreement or the other Transaction Agreements to which
Purchaser or Bravo (as the case may be) is a party will not (a) result in any
violation of the Certificate of Incorporation or Bylaws of the Purchaser or of
the partnership agreement of Bravo (as the case may be), or (b) result in any
violation of or default in any material respect under the terms of any mortgage,
indenture, contract, agreement, instrument, judgment or decree to which the
Purchaser or Bravo (as the case may be) is a party or is otherwise subject.

Consents. No consent, approval or authorization of or designation, declaration
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or filing with any governmental authority or other third party on the part of
the Purchaser or Bravo (as the case may be) is required in connection with the
valid execution and delivery of the Transaction Agreements to which it is a
party.

Investment Intent. This Agreement is made with the Purchaser in reliance upon
-----------------
the Purchaser's representation to the Company, evidenced by the Purchaser's
execution of this Agreement, that the Purchaser is acquiring the Shares for
investment for the Purchaser's own account, and not with a view to, or for
resale in connection with, any distribution or public offering thereof within
the meaning of the Securities Act.

Shares Not Registered. The Purchaser understands and acknowledges that the
---------------------
offering of the Shares pursuant to this Agreement will not be registered under
the Securities Act or qualified under applicable blue sky laws on the grounds
that the offering and sale of securities contemplated by this Agreement are
exempt from registration under the Securities Act and exempt from qualifications
available under applicable blue sky laws, and that the Company's reliance upon
such exemptions is predicated upon the Purchaser's representations set forth in
this Agreement. The Purchaser acknowledges and understands that the Shares must
be held for at least 12 months after Closing and thereafter indefinitely unless
the Shares are subsequently registered under the Securities Act and qualified
under applicable blue sky laws or an exemption from such registration and such
qualification is available.
<PAGE>

Knowledge and Experience. The Purchaser (i) has such knowledge and experience in
------------------------
financial and business matters as to be capable of evaluating the merits and
risks of the Purchaser's prospective investment in the Shares; (ii) has the
ability to bear the economic risks of the Purchaser's prospective investment;
and (iii) has not been offered the Shares by any form of advertisement, article,
notice or other communication published in any newspaper, magazine, or similar
media or broadcast over television or radio, or any seminar or meeting whose
attendees have been invited by any such media.

Accredited Investor.  The Purchaser is an "accredited investor" as that term is
-------------------
defined in Rule 501(a) under the Securities Act.

Legends.  Each certificate representing the Shares may be endorsed with the
-------
following legends:

Federal Legend. 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.

Other Legends. Any other legends required by applicable state blue sky laws. The
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Company need not register a transfer of legended Shares, and may also instruct
its transfer agent not to register the transfer of the Shares, unless the
conditions specified in each of the foregoing legends are satisfied.

Removal of Legend and Transfer Restrictions. Any legend endorsed on a
-------------------------------------------
certificate pursuant to subsection 4.10(a) and the stop transfer instructions
with respect to such legended Shares shall be removed, and the Company shall
issue a certificate without such legend to the holder of such Shares if such
Shares are registered under the Securities Act and a prospectus meeting the
requirements of Section 10 of the Securities Act is available or if such holder
satisfies the requirements of Rule 144(k).

Conditions to Closing.
---------------------

Conditions to the Purchaser's Obligations. The obligation of the Purchaser to
-----------------------------------------
purchase the Shares at the closing is subject to the fulfillment to the
Purchaser's satisfaction, on or prior to the Closing Date, of the following
conditions, any of which may be waived by the Purchaser:

Representations and Warranties Correct; Performance of Obligations. The
------------------------------------------------------------------
representations and warranties made by the Company in Section 3 hereof shall be
true and correct when made, and shall be true and correct in all material
respects on the Closing Date with the same force and effect as if they had been
made on and as of said date (except to the extent any such representation or
warranty expressly speaks of an earlier date). The Company shall have performed
in all material respect all obligations and conditions herein required to be
performed or observed by it on or prior to the Closing Date.

Transaction Agreements.  The Company shall have executed each of the Transaction
----------------------
Agreements.

Officer's Certificate. The Company shall have delivered a Certificate, executed
---------------------
on behalf of the Company by its President, dated the Closing Date, certifying to
the fulfillment of the conditions specified in subsection (1) of this Section
5.1.

Secretary's Certificate. The Company shall have delivered a Certificate,
-----------------------
executed on behalf of the Company by its Secretary, dated the Closing Date,
certifying the Board of Directors resolutions approving the Transaction
Agreements and the issuance of the Shares.

Opinion of Counsel. The Purchaser shall have received an opinion from Gray Cary
------------------
Ware & Freidenrich LLP, dated the Closing Date, reasonably satisfactory to the
Purchaser.

HSR Act. The waiting period under the Hart-Scott-Rodino Antitrust Improvements
-------
Act, as amended (the "HSR Act") shall have expired or been terminated, if a
filing under the HSR Act is legally required in connection with this Agreement.

Amendment to Rights Agreement. The Third Amended and Restated Rights Agreement,
-----------------------------
dated as of April 14, 1999, by and among the Company and the holders party
thereto shall have been amended to include the Purchaser as a "Holder" (as
defined therein) for all purposes of such agreement and to provide that all of
the Shares shall be "Registrable Securities" (as defined therein) for all
purposes of such agreement, such amendment to be reasonably satisfactory to the
Purchaser. The Purchaser shall have the right to terminate this Agreement if the
Company is unable to satisfy this condition by December 31, 1999.

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<PAGE>

Conditions to Obligations of the Company. The Company's obligation to sell and
----------------------------------------
issue the Shares at the closing is subject to the fulfillment to the
satisfaction of the company on or prior to the Closing Date of the following
conditions, any of which may be waived by the Company:

Representations and Warranties Correct. The representations and warranties made
--------------------------------------
by the Purchaser and Bravo in Section 4 hereof shall be true and correct when
made, and shall be true and correct on the Closing Date with the same force and
effect as if they had been made on and as of said date (except to the extent any
such representation or warranty expressly speaks of an earlier date).

Transaction Agreements. The Purchaser of Bravo (as the case may be ) shall have
----------------------
executed each of the Transaction Agreements.

Officer's Certificate. The Purchaser and Bravo (as the case may be) shall have
---------------------
delivered a Certificate, executed on behalf of each of them by their respective
President, dated the Closing Date, certifying to the fulfillment of the
conditions specified in subsection (1) of this Section 5.2.

HSR Act. The waiting period under the HSR Act shall have expired or been
-------
terminated, if a filing under the HSR Act is legally required in connection with
this Agreement.

Affirmative Covenants of the Company. The Company hereby covenants and agrees as
------------------------------------
follows: Attendance at Board Meetings.
         ----------------------------

     The Company shall permit a representative of the Purchaser to attend all
meetings of its Board of Directors in a nonvoting observer capacity and to
participate in discussions and, in this respect, shall give such representative
timely copies of all notices, minutes, consents, and other material that it
provides to its directors; provided, however, that the Company may require as a
condition precedent to this right that the person proposing to attend any
meeting of the Board of Directors shall agree to hold in confidence and trust
and to act in a fiduciary manner with respect to all confidential or proprietary
information so received during the meetings or otherwise; and provided further,
that the Company reserves the right not to provide information and to exclude
Purchaser (or its representative) from any meeting or portion thereof if
delivery of such information or attendance at such meeting would result in
disclosure of trade secrets or would adversely affect the attorney-client
privilege between the Company and its counsel or if the Purchaser (or its
representative) is a competitor of the Company.

Advertising and Content. The Company shall, throughout the Promotional Period,
-----------------------
make available to the Purchaser and its affiliates all of the content on the
Company's on-line sites pursuant to the terms of the On-Line Content Sharing
Agreement to the extent required by the Purchaser to satisfy its obligations
under Section 1 hereunder (including without limitation, in connection with the
production of any interstitial programming as described therein). At all times
during the Promotional Period, the general quantity and quality of the content
on the Company's on-line sites shall be maintained at not less than then-current
industry levels and, in any event, no less than the general quantity and quality
of such content on such sites as of the Closing Date. If the Company fails to
comply in any material respect with the requirements of the preceding sentence,
then the Promotional Period shall be extended beyond December 31, 2009 by an
amount equal to 50% of the time period between the date of the Company's failure
to comply and December 31, 2009. The Company covenants and agrees that any
commercial advertisement or other promotional material provided by the Company
to the Purchaser or its affiliates shall not violate the right of privacy of or
constitute a libel or slander against or violate or infringe any law, trademark,
trade name, patent, copyright or any literary, artistic, dramatic or other right
of any person or entity. The Company further acknowledges and agrees that its
use and exploitation of the advertising and/or promotional inventory to be made
available to it pursuant to this Agreement shall be subject to and in accordance
with such rules and restrictions, of which the Company has received or from time
to time may receive written notice, as may be promulgated by the Purchaser or
any of its affiliates.

Miscellaneous.
-------------

GOVERNING LAW.  THIS AGREEMENT SHALL BE GOVERNED IN ALL RESPECTS BY THE LAWS OF
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THE STATE OF NEW YORK.

Survival. The representations, warranties, covenants and agreements made herein
--------
shall survive the Closing of the transactions contemplated hereby,
notwithstanding any investigation made by the Purchaser. All statements as to
factual matters contained in any certificate or other instrument delivered by or
on behalf of the Company pursuant hereto or in connection with the transactions
contemplated hereby shall be deemed

                                      36
<PAGE>

to be representations and warranties by the Company hereunder as of the date of
such certificate or instrument.

Successors and Assigns. Except as otherwise expressly provided herein, the
----------------------
provisions hereof shall inure to the benefit of, and be binding upon, the
successors, assigns, heirs, executors and administrators of the parties hereto.

Entire Agreement. This Agreement and the other documents delivered pursuant
----------------
hereto constitute the full and entire understanding and agreement between the
parties with regard to the subjects hereof and thereof and they supersede, merge
and render void every other prior written and/or oral understanding or agreement
among or between the parties hereto.

Notices, etc. All notices and other communications required or permitted
------------
hereunder shall be in writing and shall be delivered personally, mailed by first
class mail, postage prepaid, or delivered by courier or overnight delivery,
addressed (a) if to the Purchaser, 1111 Stewart Avenue, Bethpage, New York
11714, Attention: Chief Executive Officer, or such other address as the
Purchaser shall have furnished to the Company in writing or (b) if to the
Company, at 706 Mission Street, 2nd Floor, San Francisco, CA 94103 Attention:
Chief Financial Officer, or at such other address as the Company shall have
furnished to the Purchaser in writing. Notices that are mailed shall be deemed
received five days after deposit in the United States mail.

Severability. In case any provision of this Agreement shall be found by a court
------------
of law to be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions of this Agreement shall not in any
way be affected or impaired thereby.

Finder's Fees and Other Fees.
----------------------------

The Company (i) represents and warrants that it has retained no finder or broker
in connection with the transactions contemplated by this Agreement and, (ii)
hereby agrees to indemnify and to hold the Purchaser harmless from and against
any liability for commission or compensation in the nature of a finder's fee to
any broker or other person or firm (and the costs and expenses of defending
against such liability or asserted liability) for which the Company, or any of
its employees or representatives, are responsible. The Purchaser (i) represents
and warrants that it has retained no finder or broker in connection with the
transactions contemplated by this Agreement and (ii) hereby agrees to indemnify
and to hold the Company harmless from and against any liability for any
commission or compensation in the nature of a finder's fee to any broker or
other person or firm (and the costs and expenses of defending against such
liability or asserted liability) for which the Purchaser, or any of its
employees or representatives, are responsible.

Expenses.  The Company and the  Purchaser  shall each bear their own expenses
--------
and legal fees in connection with the consummation of this transaction.

Titles and Subtitles. The titles of the sections and subsections of this
--------------------
Agreement are for convenience of reference only and are not to be considered in
construing this Agreement.

Non-Recourse. No partner, officer, director, shareholder or other holder of an
------------
ownership interest of or in either party to this Agreement shall have any
personal liability in respect of any such party's obligations under this
Agreement by reason of his or its status as such partner, officer, director,
shareholder or other holder.

Counterparts.  This  Agreement  may be executed in any number of  counterparts,
------------
each of which shall be an original, but all of which together shall constitute
one instrument.

Delays or Omissions. No delay or omission to exercise any right, power or remedy
-------------------
accruing to the Company or to any holder of any securities issued or to be
issued hereunder shall impair any such right, power or remedy of the Company or
such holder, nor shall it be construed to be a waiver of any breach or default
under this Agreement, or an acquiescence therein, or of or in any similar breach
or default thereafter occurring; nor shall any delay or omission to exercise any
right, power or remedy or any waiver of any

                                      37
<PAGE>

single breach or default be deemed a waiver of any other right, power or remedy
or breach or default theretofore or thereafter occurring. All remedies, either
under this Agreement, or by law otherwise afforded to the Company or any holder,
shall be cumulative and not alternative.

Attorneys' Fees. If any action at law or in equity is necessary to enforce or
---------------
interpret the terms of any of the Transaction Agreements, the prevailing party
shall be entitled to reasonable attorneys' fees, costs and disbursements in
addition to any other relief to which such party may be entitled.

Venue. The parties hereby irrevocably submit to the jurisdiction of both the
-----
courts of the State of California and the State of New York and the Federal
courts of the United States of America located in the State of California and in
the State of New York solely in respect of the interpretation and enforcement of
the provisions of the Transaction Agreements, and in respect of the transactions
contemplated hereby, and hereby waive, and agree not to assert, as a defense in
any action, suit or proceeding for the interpretation or enforcement hereof or
of any such document, that it is not subject thereto or that such action, suit
or proceeding may not be brought or is not maintainable in said courts or that
the venue thereof may not be appropriate or that the Transaction Agreements may
not be enforced in or by such courts, and the parties hereto irrevocably agree
that all claims with respect to such action or proceeding shall be heard and
determined in such a California or New York state or Federal court. The parties
hereby consent to and grant any such court jurisdiction over the person of such
parties and over the subject matter of such dispute and agree that mailing of
process or other papers in connection with any such action or proceeding in the
manner provided in Section 6.5 hereof shall be valid and sufficient service
thereof.
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed this Stock
Purchase Agreement as of the date first written above.

                                        Salon.com

                                        By:    By:/s/ Michael O'Donnell
                                           -------------------------------------
                                        Title: Chief Executive Officer/President
                                              ----------------------------------

                                        Rainbow Media Holdings, Inc.

                                        By:    By:/s/ Josh Sapan
                                           -------------------------------------
                                        Title: Chief Executive Officer/President
                                              ----------------------------------

                                        Bravo Company (as to Section 4.1,4.2,
                                        4.3, 4.4 and 4.5 Only)

                                        By:    By:/s/ Josh Sapan
                                           -------------------------------------
                                        Title: Chief Executive Officer
                                              ----------------------------------

                                      39<PAGE>

                                                                    EXHIBIT 10.1

  *Certain information in this document has been omitted and filed separately
with the Commission. Confidential treatment has been requested with respect to
                             the omitted portions.

                                 BRAVO COMPANY
                              1111 STEWART AVENUE
                           BETHPAGE, NEW YORK 11714

Salon.com
706 Mission Street, 2/nd/ Floor
San Francisco, CA 94103

Ladies and Gentlemen:

         This letter shall confirm the terms of the agreement (the "Agreement")
                                                                    ---------
between Bravo Company ("Bravo") and Salon.com ("Salon") (Bravo and Salon may be
                        -----                   -----
referred to as "Party") for the licensing of Content on Websites (as defined
                -----
below) Controlled (as defined below) Bravo or Salon and for the sale of
advertising on on-line sites Controlled by Bravo or Salon, respectively.

         For the purposes of this Agreement, a "Website" is defined as a site
                                                -------
with pages hosted at a particular URL address which is accessed generally by the
public without charge, such as www.salon.com and "Controlled" shall mean the
                               -------------      ----------
Website is operated by or its operations is controlled by Salon or its
Affiliates ("Salon Controlled Websites") or Bravo or its Affiliates ("Bravo
             -------------------------                                -----
Controlled Websites"). A co-branded Website is not considered Controlled by a
-------------------
Party. If a Website ceases to be Controlled by a Party, the licenses in this
Agreement shall terminate with respect to such Website sixty (60) days after
such Control terminates. "Affiliates" shall mean companies which are controlled
                          ----------
by a particular company. For these purposes, "control" shall mean the ability,
                                              -------
directly or indirectly, to vote fifty percent (50%) or more of the shares or
interests which elect the management of an entity. "Content" shall mean the
                                                    -------
articles, audio or video on a Website, but shall not include advertisements,
chat room contributions or other material not displayed to the public in general
on a Website. "Term" and "Promotional Period" are defined in Section 6.
               ----

1.       Rights Granted.
         --------------

         (a)   Subject to any limitations imposed on Content licensed by third
parties to Bravo, Bravo grants to Salon during the Term a non-exclusive,
worldwide, royalty-free license, with the right to sublicense to Salon
Affiliates on the same terms, the right to reproduce, distribute, publicly
display, publicly perform and modify solely for editorial purposes on Salon
Controlled Websites (i) Content on the Bravotv.com Website or any other Website
Controlled by Bravo or its Affiliates, (ii) which is requested by Salon for use
in connection with a particular related story or related feature on the
Salon.com Website or any other Salon Controlled Website and (iii) which Bravo
agrees to provide, which agreement shall not be unreasonably withheld.

         (b)   Subject to any limitations imposed on Content licensed by third
parties to Salon, Salon grants to Bravo during the Term a non-exclusive,
worldwide, royalty-free license, with the right to sublicense to Bravo
Affiliates on the same terms, the right to reproduce, distribute, publicly
display, publicly perform and modify solely for editorial purposes on Bravo
Controlled Websites (i) Content on Salon.com or a Salon Controlled Website, (ii)
which is requested by Bravo for use in connection with a particular related
story or related feature on Bravotv.com or any other Bravo Controlled Website
and (iii) which Salon agrees to provide, which agreement shall not be
unreasonably withheld.

         (c)   Subject to any limitations imposed on Content licensed by third
parties to Salon, Salon grants to Bravo during the Promotional Period, a non-
exclusive, worldwide, royalty-free license with the right to sublicense to BC
Affiliates on the same terms to reproduce, distribute, publicly perform,
publicly display and modify solely for editorial purposes on the Bravo pay
television network as it exists on the

                                      40
<PAGE>

Effective Date or a television programming service operated by a BC Affiliate on
the Effective Date Content in the form of interstitial promotional
advertisements. "BC Affiliates" shall mean a company or entity controlled by,
                 -------------
controlling or under common control with Bravo; "control" shall mean the right
                                                 -------
to vote, directly or indirectly, more than fifty percent (50%) of the shares or
voting interests of the board of directors or management of such entity. The
scope of the license may change upon sixty (60) days prior written notice by
Bravo to Salon if Bravo extends its distribution methods: Salon may give notice
to Bravo during such period of any Content which may not be licensed in the new
channels of distribution and the license for such Content shall not be extended
to new channels of distribution. To the extent Bravo or any of the BC Affiliates
uses Content from Salon Controlled Websites in connection with making available
such promotional inventory, Bravo or such BC Affiliate shall have sole
discretion over which Content is utilized, of how such Content is presented
(including the right to edit and re-format such Content), subject to the rights
of third parties and Salon's reasonable approval, and selection of distribution
platforms (e.g., television, broadband, wireless).

         (d)   Notwithstanding Paragraphs 1(a) and 1(b) hereof, neither Bravo
nor Salon shall be required to provide to the other Party any Content on any of
its Controlled Websites ("Supplying Party") which Bravo or Salon, as the case
                          ---------------
may be, does not have the right to make available for use on Websites not
Controlled by such Party; provided that each of Bravo and Salon shall use all
reasonable efforts to acquire the right to make Content on Websites Controlled
by such Party available to the other Party ("Receiving Party") hereto as
                                             ---------------
contemplated by this Agreement. The Receiving Party shall have the right to
edit, alter or modify Content received from the other Party hereunder unless the
Supplying Party notifies the Receiving Party that the Supplying Party does not
have the right to permit the Receiving Party to edit or modify such Content (in
which event, upon the request of the Receiving Party, the Supplying Party shall
use all reasonable efforts to acquire the right to permit such Content to be
edited or modified as requested by the Receiving Party). Content made available
pursuant to Paragraphs 1(a) and 1(b) hereof may be displayed on the Website
Controlled by the Receiving Party in full or as a synopsys using the headline,
the first few lines of the Content and by providing a link to the Supplying
Party's Website for the balance of the Content.

         (e)   Each of Bravo and Salon shall provide the other Party with
password-encoded access to a separate server or FTP site created by the
Supplying Party and containing the Content to be provided under Paragraphs 1(a)
or 1(b) hereof. The Supplying Party shall make reasonable commercial efforts to
make access to such FTP site available twenty-four (24) hours per day during
each day of the year, but the Supplying Party shall not be responsible for lack
of access due to problems with the Receiving Party's Internet Service Provider
("ISP"), the Supplying Party's third party web host or general Internet access
  ---
problems. Each Party shall consult with the other Party on a regular basis
concerning the Content schedules on Websites Controlled by such Party and shall
provide the other Party with such schedules as soon as they are finalized. Upon
the request of a Receiving Party, the Supplying Party shall use all reasonable
efforts to make available to the Receiving Party Content in electronic format
within twenty-four (24) hours' receipt of a request by Receiving Party posting
on the Receiving Party's Website.

         (f)   Trademarks.
               ----------

               (i)    (A) During the term of this Agreement and subject to the
terms and conditions of this Agreement, Salon hereby grants to Bravo, and Bravo
hereby accepts, a nonexclusive, nontransferable, limited, royalty-free license,
without the right to sublicense except to its Affiliates, to use the "Salon"
trademark and logo ("Salon Trademarks") solely to identify the source of Content
                     ----------------
from Salon Controlled Websites and to market such Content in accordance with the
terms of this Agreement.

                      (B) During the term of this Agreement and subject to the
terms and conditions of this Agreement, Bravo hereby grants to Salon, and Salon
hereby accepts, a nonexclusive,

                                      41
<PAGE>

nontransferable, limited, royalty-free license, without the right to sublicense
except to its Affiliates, to use the "Bravo" trademark and logo ("Bravo
                                                                  -----
Trademarks") solely to identify the source of Content from Bravo Controlled
----------
Websites and to market such Content in accordance with the terms of this
Agreement.

                      (C) Except in instances when Bravo or any of its
Affiliates uses Content supplied by Salon for delivering the promotional media
contemplated by the Stock Purchase Agreement, the logo of the Supplying Party
shall be featured immediately above or alongside the supplied Content with the
words "Provided by" preceding the trademark and the Supplying Party's on-line
site URL embedded and/or linked in such trademark.

               (ii)   (A) The nature and quality of the Content publicly
displayed or publicly performed by Bravo in connection with the Salon Trademarks
shall conform to the standards set by Salon as evidenced by the Salon.com
Website at the time. Bravo's use of the Salon Trademarks shall conform to any
style guidelines which Salon may submit to Bravo from time to time. Bravo shall
not physically alter the Salon Trademarks without Salon's prior written consent.
Bravo will cooperate with Salon in facilitating its monitoring and control of
the nature and quality of such Content, and supply Salon with specimens of use
of the Salon Trademarks upon request. Bravo further agrees to (i) take all such
actions as Salon may reasonably request to assist Salon in perfecting its
rights, title and interest in the Salon Trademarks and the goodwill appurtenant
thereto, and (ii) refrain from taking any actions which may dilute the Salon
Trademarks and the goodwill appurtenant thereto.

                      (B) The nature and quality of the Content publicly
performed or publicly displayed by Salon in connection with the Bravo Trademarks
shall conform to the standards set by Bravo as evidenced by the Bravotv.com
Website at such time. Salon's use of the Bravo Trademarks shall conform to any
style guidelines which Bravo may submit to Salon from time to time. Salon shall
not alter the Bravo Trademarks without Bravo's prior written consent. Salon will
cooperate with Bravo in facilitating its monitoring and control of the nature
and quality of such Content and supply Bravo with specimens of use of the Bravo
Trademarks upon request. Salon further agrees to (i) take all such actions as
Bravo may reasonably request to assist Bravo in perfecting its rights, title and
interest in the Bravo Trademarks and the goodwill appurtenant thereto, and (ii)
refrain from taking any actions which may dilute Bravo's Trademarks and the
goodwill appurtenant thereto.

               (iii)  (A) Bravo acknowledges and agrees that Salon is the sole
and exclusive owner of the Salon Trademarks and the goodwill appurtenant
thereto. Except as prohibited by law, Bravo agrees that it will not do anything
inconsistent with such ownership either during the term of this Agreement or
thereafter. Bravo agrees that use of the Salon Trademarks by Bravo shall inure
to the benefit of and be solely on behalf of Salon. Bravo acknowledges that its
utilization of the Salon Trademarks will not create or confer any right, title
or interest in the Salon Trademarks in Bravo.

                      (B) Salon acknowledges and agrees that Bravo is the sole
and exclusive owner of the Bravo Trademarks and the goodwill appurtenant
thereto. Except as prohibited by law, Salon agrees that it will not do anything
inconsistent with such ownership either during the term of this Agreement or
thereafter. Salon agrees that use of the Bravo Trademarks by Salon shall inure
to the benefit of and be solely on behalf of Bravo. Salon acknowledges that its
utilization of the Bravo Trademarks will not create or confer any right, title
or interest in the Bravo Trademarks in Salon.

               (iv)   (A) Bravo agrees that it will not adopt or use as part or
all of any corporate name, trade name, trademark, service mark or certification
mark, any trademark or other mark confusingly similar to the Salon Trademarks.
Bravo shall use the Salon Trademarks so that they create a separate and distinct
impression from any other trademark that may be used by Bravo. Bravo agrees that
it will not

                                      42
<PAGE>

contest any Salon registration or application for any of the Salon Trademarks.
Bravo shall comply with all applicable laws and regulations pertaining to the
proper use and designation of the Salon Trademarks.

                      (B) Salon agrees that it will not adopt or use as part or
all of any corporate name, trade name, trademark, service mark or certification
mark, any trademark or other mark confusingly similar to the Bravo Trademarks.
Salon shall use the Bravo Trademarks so that they create a separate and distinct
impression from any other trademark that may be used by Salon. Salon agrees that
it will not contest any Bravo registration or application for any of the Bravo
Trademarks. Salon shall comply with all applicable laws and regulations
pertaining to the proper use and designation of the Bravo Trademarks.

         2.    Representations and Warranties: Each of Bravo and Salon
               ------------------------------
represents and warrants to the other that:

         (a)   All Content made available by the Supplying Party to the
Receiving Party pursuant to Paragraph 1(a), 1(b) or 1(c) hereof, as the case may
be, will be either original or licensed for use as provided in this Agreement by
the person(s) or entity(ies) which have the right to grant such licenses.

         (b)   The use of Content provided by the Supplying Party by the
Receiving Party as permitted by this Agreement will not violate or infringe on
any rights of any person or entity.

         (c)   With respect to the non-dramatic public performance rights to any
musical compositions contained in Content made available by a Supplying Party to
the Receiving Party pursuant to Paragraph 1(a) or 1(b) hereof, as the case may
be, such rights shall be (i) controlled by ASCAP, BMI or SESAC; (ii) controlled
by the Supplying Party and not available from a performing rights society, in
which case such rights are granted herein; or (iii) in the public domain in all
jurisdictions.

         (d)   Each Party has full right, power and authority to enter into this
Agreement and to satisfy all of the obligations to be rendered and satisfied,
respectively, by it hereunder, and there are no claims, facts or circumstances
existing or pending which would prevent such Party's full performance of its
obligations hereunder.

3.       Insurance: Throughout the period commencing on the date hereof and
         ---------
terminating no earlier than the expiration of this Agreement, each Party shall
provide and maintain, in full force and effect, at its own cost and expense, a
broadcaster's and advertiser's liability insurance (errors and omissions
coverage) policy or policies that covers any and all claims arising out of or
relating to (i) errors and omissions relating to media liability or (ii) the
Content licensed to the Receiving Party under this Agreement. Such policy shall
be in the amount of $1,000,000 for any one claim and $3,000,000 in the aggregate
in each annual policy period. Each Party shall furnish the other with a
certificate of insurance evidencing the existence of said insurance coverage,
naming the other Party as an additional insured. No such policy may be cancelled
or materially modified without the other Party's prior approval, such approval
not to be unreasonably withheld.

4.       Indemnification.
         ---------------

         (a)   Each party ("Indemnifying Party") will defend, indemnify and hold
                            ------------------
harmless or, at its option, settle any claim or action brought against the other
Party, its officers, directors, BC Affiliates and sublicensees ("Indemnified
                                                                 -----------
Party") to the extent that it is based upon a claim that the Content provided by
-----
the Indemnifying Party used within the scope of this Agreement violates the
warranties in Section 2, and the Indemnifying Party will pay any costs, damages
and reasonable attorney fees reasonably incurred by the Indemnified Party that
are attributable to such claim which are assessed against the Indemnified Party
in a final judgment and/or settlement. The Indemnified Party agrees that the
Indemnifying Party shall be released from the foregoing obligation unless the
Indemnified Party promptly notifies the Indemnifying

                                      43
<PAGE>

Party in writing of the claim, or notice of claim, and that the Indemnifying
Party has sole and complete control of the defense and/or settlement of such
claim and the full cooperation of the Indemnified Party therein. The foregoing
states the Indemnifying Party's entire liability to the Indemnified Party with
respect to infringement.

         (b)   In the event of such infringement, the Indemnifying Party will at
its sole option and expense either:

               (i)    procure for the Indemnified Party the right to continue
the use of the Indemnifying Party's Content;

               (ii)   replace or modify the Indemnifying Party's Content to make
its use non-infringing; or

               (iii)  if, in the Indemnifying Party's reasonable opinion,
neither (a) nor (b) above are commercially feasible, terminate the Indemnified
Party's right to use the infringing Content.

         (c)   The Indemnifying Party shall have no liability under this Section
for any claim or action where such claim or action arises from, is the result
of, or is in connection with:

               (i)    any modification made to the Indemnifying Party's Content
after delivery to the Indemnified Party;

               (ii)   the Indemnified Party continues allegedly infringing
activity after being informed of modifications that would have avoided the
alleged infringement or after being informed that the license is terminated as
provided in Section 4(b)(iii); or

               (iii)  the Indemnified Party's use of the Indemnifying Party's
                      Content is not strictly in accordance with the terms of
                      this Agreement. The Indemnified Party will be liable for
                      all damages, costs, expenses, settlements and attorneys'
                      fees related to any claim of infringement arising as a
                      result of (i)-(iii) of this Article.

         (d)   If the Supplying Party reasonably believes that the Content
supplied to the Receiving Party may violate the rights of a third party, it may
notify the Receiving Party who agrees to promptly cease using such Content. So
long as the Supplying Party indemnifies the Receiving Party as provided in this
Section 4 for all losses with respect to the period through thirty (30) days
after the date of such notice to the Receiving Party, such breach of Section
2(b) shall not be considered a breach of this Agreement and such indemnity shall
be the sole and exclusive remedy of the Receiving Party.

5.       Advertising Representation.
         --------------------------

         (a)   For a period of two (2) years from the date hereof, Bravo
appoints Salon as a non-exclusive advertising sales representative for the sale
of advertising on Bravo Controlled Websites. For a period of two (2) years from
the date hereof, Salon appoints Bravo as a non-exclusive sales representative on
Salon Controlled Websites. Acting in the capacity of such representative, each
of Salon and Bravo are sometimes hereinafter referred to in this Section 5 as a
"Representative". Bravo shall have the right to delegate its rights and
obligations as a Representative for Salon Controlled Websites under this Section
5 to Rainbow Advertising Sales Corporation ("Rainbow Ad Sales") so long as
Rainbow Ad Sales is under common "control" (as defined in Section 1) with Bravo,
provided that Bravo shall guarantee all actions or inaction of Rainbow Ad Sales
which result in a breach by Rainbow Ad Sales of any such obligations so
delegated. Advertising inventory on Controlled Websites shall be made available
to the applicable Representative for sale hereunder in substantially the same
manner and formats that such inventory is made available to all other
advertising representatives for the Controlled Websites (including without
limitation, in-house advertising representatives).

                                      44
<PAGE>

         (b)   In consideration of the services of each Representative, each
Representative shall receive a commission of [****]. "Net Advertising Revenue"
                                                      -----------------------
is defined as gross advertising revenue less applicable agency commissions
received by the Party Controlling the Website in cash or barter (approved by the
Party Controlling the Website in its sole discretion - the "Advertising Party")
                                                            -----------------
from sales of advertising made by such Representative pursuant to this
Agreement; provided the Advertising Party may deduct from future commissions
amounts to reflect failure to pay invoices or provide bartered services. The
Advertising Party shall be responsible for invoicing all advertisers for which a
Representative places advertising on Controlled Websites within ten (10) days
after the end of each calendar month. Each Advertising Party shall remit any
commissions payable hereunder to the applicable Representative within sixty (60)
days of the invoice date. Within ten (10) days after the end of each calendar
month, the Advertising Party shall supply the applicable Representative with
copies of all invoices for sales of advertising made by such Representative.

         (c)   Notwithstanding the termination or expiration of this Agreement,
each of Bravo and Salon, as the case may be, shall continue to perform all
advertising contracts sold by the applicable Representative prior to such
termination or expiration and to pay all commissions due hereunder.

         (d)   Each Representative shall provide to the Advertising Party a list
of advertisers that such Representative proposes to solicit for the sale of
advertising on the other's on-line sites. The Advertising Party, in each case,
may, in its sole discretion, authorize the Representative to solicit any
advertiser on the list, or decline to authorize the Representative to solicit
any advertiser on the list. Each Representative shall solicit only those
advertisers authorized by the Advertising Party. Each Representative shall
comply with the policies, directions and specifications governing the sale,
solicitation and/or exhibition of advertising or promotional material on the
Website Controlled by the Advertising Party, of which the applicable
Representative has been advised in writing. The Advertising Party shall have the
right to reject advertisements which fail to comply with any such policies and
directions. Each Representative shall not enter into any barter arrangements on
behalf of the Advertising Party without prior written notice of all material
terms and the express written consent of the Advertising Party. The Advertising
Party shall provide the applicable Representative with the rate card applicable
to advertising sales on its Websites, and each Representative shall notify and
obtain the prior approval of the applicable Party of any reductions from such
rate card other than those which are immaterial in nature.

         (e)   Each Representative shall have access to any advertising sales
materials created by the other Party in connection with such Party's on-line
sites, at such Party's cost of creating such materials. Any sales and marketing
materials created or proposed for use by each Representative in connection with
the sale or marketing of advertising inventory hereunder shall be approved in
advance by the Advertising Party such approval not to be unreasonably withheld.

6.       Term.
         ----

         (a)   Except as otherwise provided in this Section 6, the term of the
obligations in Sections 1(a), (b), (d) and (e), (f)(i) and (f)(ii) and all
obligations relating thereto (except as provided in Section 8(n)) shall commence
on the date hereof and shall continue through December 31, 2005 . The term may
be extended by mutual agreement of the Parties. The Term of the licenses in
Section 1(c) and (f) shall commence on the date hereof and terminate upon
December 31, 2009 unless extended as provided in the Stock Purchase Agreement of
even date ("Promotional Period").
            ------------------

         (b)   Subject to applicable law, either Party may terminate this
Agreement immediately if the other Party ceases to carry on business as a going
concern, makes a general assignment for the benefit of its creditors, or
appoints a receiver or is a party to any proceeding under bankruptcy or
insolvency legislation.

* Certain information in this page has been omitted and filed separately with
the Commission. Confidential treatment has been requested to the omitted
portions.

                                      45
<PAGE>

         (c)   Either Party may terminate this Agreement if the other Party is
in material breach of any of its obligations and such default is not remedied
within thirty (30) days of receipt of written notice thereof; provided that if
the breach is not a failure to pay money and is of such a nature that is cannot
reasonably be cured within such thirty (30) day period, but it is curable and
such Party in good faith begins efforts to cure it within such thirty (30) day
period and continues diligently to do so, such Party shall have a reasonable
additional period not to exceed sixty (60) days from the notice thereafter to
effect the cure.

7.       Audits.
         ------

(a)      No more than once annually, either Party shall have the right to have
an inspection and audit of the records of the other Party conducted by an
independent certified public accountant reasonable acceptable to the Party to be
audited (the "Auditor"), which inspection and audit shall be conducted upon
              -------
reasonable prior written notice, during regular business hours at the offices of
such other party and in such a manner as not to interfere with its normal
activities. The Auditor will be required to sign a confidentiality agreement in
a form containing terms and conditions customarily found in such agreements. The
Party requesting the audit shall be responsible for the fees and costs of the
Auditor, unless a shortfall of greater than ten percent (10%) is discovered
during such audit, in which case the party audited shall bear the costs of the
audit, in addition to paying the full amount of the shortfall in Revenue, and
all interest due thereon as set forth in Section 7(b) below. All information
received in connection with such audits, and the results thereof, will be deemed
confidential information subject to the terms of Section 8(g). Each Party shall
maintain these records for one year after the Term and such audit rights shall
also survive for such one year period.

         (b)   Overdue accounts shall be charged interest on a monthly basis,
calculated at an annual rate of the lesser of twelve percent (12%) or the
maximum rate allowed by law.

8.       Miscellaneous:
         -------------

         (a)   In no event shall this Agreement be construed to create any
employment, agency, partnership or joint venture relationship between the
parties.

         (b)   Except as otherwise provided in Section 5(a) hereof and except
for an assignment of this Agreement by either Party to a purchaser of all or
substantially all of the business or assets of such Party, this Agreement shall
not be assigned by either Party in whole or in part without the written consent
of the other, which consent shall not be unreasonably withheld or delayed. Any
assignment in violation of the terms hereof shall be void ab initio and of no
force or effect.

         (c)   This Agreement, together with the Registration Rights Agreement,
the Stock Purchase Agreement and the Production Agreement, dated the date
hereof, between Salon and Bravo, set forth the entire agreement between the
parties with respect to the subject matter hereof and supersede all prior
understandings and agreements (whether written or oral) related hereto. This
Agreement may not be modified, amended or waived except in a writing signed by
both parties.

         (d)   Disclaimer. EXCEPT AS EXPRESSLY SET FORTH IN SECTION 2 OF THIS
               ----------
AGREEMENT, EACH PARTY EXPRESSLY DISCLAIMS ALL OTHER REPRESENTATIONS OR
WARRANTIES, WHETHER EXPRESS, IMPLIED, STATUTORY, OR OTHERWISE, INCLUDING WITHOUT
LIMITATION, THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR
PURPOSE, OR NON-INFRINGEMENT OF THIRD PARTY RIGHTS.

         (e)   This Agreement shall be governed by the laws of the State of New
York applicable to agreements entered into and wholly performed therein without
regard to its choice of law provisions, and each Party hereby consents to the
jurisdiction of any state or federal court located in the State of New York.

         (f)   In the event that Salon should determine to seek any recourse,
action or claim against Bravo to which it may be entitled under or by reason of
this Agreement, Salon hereby agrees that any such recourse, action or claim
shall extend only to Bravo and not to any of Bravo's partners.

         (g)   (i)    Each Party acknowledges that the proprietary information
of the other party which it knows or has reason to know is considered
confidential by the Disclosing Party ("Confidential Information") ("Discloser")
                                       ------------------------
and this Agreement is trade secret to, and constitutes confidential information
of the Discloser. The receiving party ("Recipient") therefore agrees to maintain
                                        ---------
such items secret and in

                                      46
<PAGE>

confidence for the Discloser, using no less than reasonable care, and shall not
disclose any of these items to any persons other than employees of Recipient
with a need to know, without the prior written consent of the Discloser.
Unauthorized use or disclosure of Discloser's confidential information may cause
irreparable harm to the Discloser, and the Recipient agrees that the Discloser
shall have the right to seek injunctive relief to enforce the terms of this
Agreement.

               (ii)   The confidentiality and non-disclosure obligations of the
Parties set out in this Section 8(g) shall not apply to the extent of
Confidential Information that either:

                      (A)     Becomes lawfully available to the general public
from a source other than by a breach of this Agreement;

                      (B)     Is lawfully obtained by the Recipient from a third
party or parties unconnected with Recipient, as applicable, without breach of
any confidentiality obligations;

                      (C)     Is obtained by the obtaining party with the
Discloser's written approval; or

                      (D)     Is disclosed under operation of the law or to
establish the rights of either Party under this Agreement, provided that that
                                                           -------------
Party obligated to make such disclosure gives the other Party prompt notice of
such intended disclosure to allow such other Party to attempt to narrow or
prevent such disclosure.

         (h)   Each of Bravo and Salon shall run during each calendar quarter
during the Term hereof at least 250,000 impressions of advertisements for, and
supplied by, the other Party. An "Impression" shall mean each request by a third
                                  ----------
party to a web server on a Website Controlled by a Party which results in a
display of an advertisement relating to the other Party to the requesting party.
Such Impressions may be run on Bravotv.com or Salon.com (as the case may be),
or, subject the prior approval of Bravo or Salon (as the case may be), such
approval not to be unreasonably withheld, any other Controlled Website.

         (i)   The parties shall consult with each other concerning the
possibility of periodically developing joint on-line sites to support joint
editorial or marketing campaigns.

         (j)   Any and all notices or other information to be given by one of
the Parties to the other shall be deemed sufficiently given when forwarded by
certified mail (receipt requested), facsimile transmission or hand delivery to
the other Party at the following address:

If to Bravo:      Bravo Company
                  1111 Stewart Avenue
                  Bethpage, NY  11714
                  Attn: President
                  Fax No:____________________

                  With a copy to:

                  Rainbow Media Holdings, Inc.
                  1111 Stewart Avenue
                  Bethpage, NY 11714
                  Attn: General Counsel
                  Fax No: (516) 803-4824

If to Salon.com:

                  Salon.com
                  706 Mission Street
                  2/nd/ Floor

                                      47
<PAGE>

                  San Francisco, CA  94103
                  Attn: Chief Financial Officer
                  Fax No: (415) 882-8780

                  With a copy to:

                  Mark F. Radcliffe, Esq.
                  Gray, Cary, Ware & Freidenrich LLP
                  400 Hamilton Avenue
                  Palo Alto, CA 94301
                  Fax No:  (650) 327-3699

and such notices shall be deemed to have been received on the first business day
following the day of such facsimile transmission or hand delivery, or on the
fifth business day following the day of such forwarding by certified mail. The
address of either Party may be changed at any time by giving ten (10) business
days' prior written notice to the other Party in accordance with the foregoing.

         (k)   If any term of this Agreement is found to be invalid, illegal or
unenforceable, in whole or in part, by a body of competent jurisdiction, that
term shall be deemed severed from this Agreement to the extent of such
invalidity, illegality or unenforceability, and such invalidity, illegality or
unenforceability shall not affect the validity, legality or enforceability of
any other term of the Agreement.

         (l)   The failure of a Party to insist upon strict adherence to any
term of this Agreement on any occasion shall not be considered a waiver or
deprive that Party of the right hereafter to insist upon strict adherence to
that term or any other term of this Agreement.

         (m)   Except for the obligation to make payments hereunder,
nonperformance of either Party shall be excused to the extent that performance
is rendered impossible by strike, fire, flood, governmental action, failure of
suppliers, earthquake, or any other reason where failure to perform is beyond
the reasonable control of the non-performing Party.

         (n)   The following provisions shall survive termination of the
Agreement: 1(f)(iii), 1(f)(iv), 4, 5(b), 5(c), 7 and 8.

The submission of this Agreement to Salon or its agent or attorney for review or
signature does not constitute an offer to Salon. This instrument shall have no
binding force or effect until its execution and unconditional delivery by both
parties hereto. If you are in agreement with the foregoing, please sign in the
space provided below, whereupon this letter shall become a binding agreement
between Bravo and Salon.

                                                     Sincerely,

                                                     BRAVO COMPANY

                                                     By: /s/ Josh Sapan
                                                     -----------------------
                                                     Chief Executive Officer

ACCEPTED AND AGREED:

SALON.COM

By: /s/ Michael O'Donnell
   -----------------------
   Chief Executive Officer

                                      48

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