Spear Point is going to officially assume control of the Salon Media board Friday and Silicon Valley billionaire John Warnock, a co-founder of Adobe, is expected to step down as chairman, The Post has learned.

The deal is expected to be announced Friday, according to a source familiar with the proceedings.

Warnock and another member of Silicon Valley royalty, Bill Hambrecht, had been funding the left-leaning news and opinion site for years.

In a shakeup in November, Warnock, Hambrecht and other debt holders swapped their debt for equity. Warnock ended up with 50 percent of the common stock. Hambrecht who was an advisor to IPOs for Apple, Google and countless others, ended up with 32 percent of the stock. He is expected to stay on the board after the deal closes.

Jordan Hoffner, who was installed as CEO in late May, is expected to stay at the helm of the 21-year old company, which was one of the pioneering news and opinion sites in the digital helm but which had to rely on Warnock and Hambrecht for infusions of cash for years as it struggled for revenue in the increasingly competitive digital publishing sphere.

Spear Point is an activist hedge fund headed by Ron Bienvenu. He could not be reached for comment.

The moribund stock was on another roll Friday, hitting a new 52 week high of 35 cents a share in early trading.