There are new details on Regent Entertainment’s bid to buy The Advocate and Out.

San Francisco Business Times informs us that Regent, which owns gay network here!, gave PlanetOut an initial $500,000 to seal the deal, but the final sale will total $6 million in cash - far cheaper than we anticipated.

The deal now gives PlanetOut more time to focus on its websites, which have been underachieving over the past few years: PlanetOut publishes magazines like Out and Advocate, but wants to return its focus to its web sites gay.com and planetout.com, which have been contributing a smaller percentage of its revenue recently.

The company’s online segment has been contributing less … Continued…