PlanetOut Inc must have a fairy godmother – or an excellent accountant.

The financially-strapped media giant – which owns, 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.)

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