SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* HAMBRECHT ELIZABETH BOYER (Last) (First) (Middle) C/O SALON MEDIA GROUP, INC. 101 SPEAR STREET, SUITE 203 (Street) SAN FRANCISCO CA 94105 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol SALON MEDIA GROUP INC [ SALN.OB ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner X Officer (give title below) Other (specify below) President & CEO
	3. Date of Earliest Transaction (Month/Day/Year) 08/08/2006
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/08/2006		M		6,400	A	$0.1094	128,229	I	See Footnote(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Warrant	$0.1094	08/08/2006		X			6,400	08/09/2001	08/09/2006	Common Stock	6,400	$0.1094	0	I	Footnote(1)

Explanation of Responses:

1. WR Hambrecht+Co, Inc. acquired a warrant to purchase 400,000 shares of common stock on August 9, 2001 and exercised such warrant on August 8, 2006. Ms. Hambrecht, her husband and children together less than 2% of WR Hambrecht+Co, Inc. as of the date of this transaction. Ms. Hambrecht disclaims beneficial ownership of the warrant and the resulting common stock resulting from the exercise of such warrant directly owned by WR Hambrecht+Co, Inc. except to the extent of her respective pecuniary interest therein.

2. As of the date of the reported transaction, HAMCO Capital Corporation owns 415,653 shares of common stock of the Company, for which Ms. Hambrecht has a 26% ownership interest therein, and WR Hambrecht + Co, Inc owns 1,260,000 shares of common stock of the Company, for which Ms. Hambrecht has a less than 2% ownership interest therein. Ms. Hambrecht disclaims beneficial ownership in all shares of the Company directly owned by HAMCO Capital Corporation and WR Hambrecht + Co, Inc except to the extent of her respective pecuniary interest therein.

	/s/ Elizabeth Boyer Hambrecht	08/10/2006
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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