PlanetOut Inc Saved?
PlanetOut Inc must have a fairy godmother – or an excellent accountant.
The financially-strapped media giant – which owns
Gay.com, Out and The Advocate, among others – announced today that it found $26.2 million to keep things afloat.
CNN breaks it all down:
PlanetOut Inc announced today that it has entered into a purchase agreement in connection with a private placement of common stock to a group of new and existing accredited and institutional investors that includes Special Situations Funds, Cascade Investment, L.L.C., SF Capital Partners, PAR Investment Partners LP and Allen & Company LLC. Pursuant to the terms of the purchase agreement and subject to customary closing conditions, the transaction is expected to close on or about July 6, 2007 with PlanetOut receiving an aggregate of approximately $26.2 million in gross proceeds from the sale of approximately 22.8 million shares of its common stock.
The company’s public stock rose a bit this morning to 1.60 per share, according to Gay News Watch, down from 1.79 earlier in the day.
GNW also wonders whether PlanetOut, for whom our editor has written, will now keep its porntastic titles, like Freshmen and its older hairier brother, Men, both of which happen to be fairly profitable. The company recently discussed selling them off for a little dough. Will the skin mags live to flash again? Or will they be turned out on the cold, stony streets? Only time – and stock prices – will tell…
(Note: We originally wrote that PlanetOut owns Poz. It doesn’t. CDM Publishing owns Poz.)
[...] $26.2 million in some type of financial arrangement that might be classified as, um, a sale? Queerty tries to suss things out; we remain confused. But alas, Out’s Aaron Hicklin will still have his monthly underwear [...]
[...] $26.2 million in some type of financial arrangement that might be classified as, um, a sale? Queerty tries to suss things out; we remain confused. But alas, Out’s Aaron Hicklin will still have his monthly underwear [...]
I really didn’t want to get into this. However, I feel compelled.
I am the one that gave them the 26.2 million. I really gave 35 million but the rest of it was for a bonus to Aaron Hicklin as he is my friend on myspace.com
What is my game plan?
I am going to make each of the publications GAY.
They are going to about gay, lesbian, transgender and bisexuals. (maybe not so much bisexual) They have agreed to have only gay men/women on the covers.
Isn’t this a wild concept? I hope you guys enjoy it.
Now, I don’t have any money left to buy a even a small bag of weed, but it’s not about me.
Jack Jett
A Geffenwannabe
Jack,
Drop me a note if you are in need of weed!
[...] $26.2 million in some type of financial arrangement that might be classified as, um, a sale? Queerty tries to suss things out; we remain confused. But alas, Out’s Aaron Hicklin will still have his monthly underwear [...]
Queerty — please correct this entry. PlanetOut doesn’t own POZ Magazine. POZ is owned by CDM Publishing, which also owns POZ.com and AIDSmeds.com.