Under terms of the agreement, Salon will issue 1.11 million common shares, or 10 percent of its outstanding common stock, to Rainbow in exchange for $11.8 million worth of advertising and promotional time across Rainbow's media properties, the companies said in a statement.
Salon expects to launch a TV series for Bravo in 2000. Salon and Rainbow will jointly sell advertising for the series and will promote the alliance on their Web properties. In addition, Salon's reporters and columnists will contribute to Rainbow's New York-based MetroChannels, the company said.
"As traditional media converge, we chose Salon.com as an Internet partner because of its editorial point of view and its unique position in the marketplace," Josh Sapan, CEO of Rainbow, said in a statement.
The deal between Salon and Rainbow is the latest in which a Net company has teamed with a TV broadcaster to deliver its content to a wider audience. In October, Microsoft's Slate said it would create a TV version of its online magazine to be broadcast via Seattle public television and hosted by ex-CNN commentator Michael Kinsley.
David Talbot, Salon's founder and editor in chief, will oversee development of Salon's TV programming, the companies said.
In addition to Bravo and MetroChannels, Rainbow's roster of cable programming includes American Movie Classics, Romance Classics, the Independent Film Channel, News 12 and seven regional sports networks.
During the past two years, Rainbow has launched high-speed entertainment content through AMC and Bravo, the company said.