Salon Media stock surges as hedge fund eyes deal

Shares of Salon Media surged 225 percent in heavy trading on Wednesday — one day after The Post reported exclusively that hedge fund Spear Point Capital was interested in taking a controlling stake in the ailing Web property.

Salon Media Group shares rose 18 cents, to close at 26 cents.

Salon, a left-leaning digital pioneer, has led a charmed life, thanks to support from Silicon Valley royalty who have long backed the company.

The royal set includes Adobe co-founder John Warnock, who is chairman of Salon, and owns a 50.4 percent stake, and Bill Hambrecht, founder and chairman of HR Hambrecht & Co., who is a board member holding 32 percent of the stock.

Spear Point plans to buy a controlling stake in Salon and then possibly make a run at Jim Cramer’s TheStreet.com, The Post reported.

Spear Point, which owns a 4.9 percent stake in TheStreet, was rebuffed in a bid to gain board seats on TheStreet last year.

“[Managing Partner Ron] Bienvenu was infuriated when they did not give him the time of day [at TheStreet] after buying all those shares,” said one financial source.

TheStreet shares gained 0.1 cent,to close at 87 ¹/₂ cents.