Selling Cruise Line To Competitor

PlanetOut Comes To Its Senses

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Recommitting themselves to their media outlets, PlanetOut executives announced that they’ll sell cruise line boat chartering RSVP to former competitor Atlantis.

PlanetOut CEO Karen Magee says the company, which publishes Out and The Advocate, will get back to its roots:

From a corporate perspective, we believe this transaction demonstrates to our shareholders that we are continuing to deliver on our commitment to leverage our strengths by simplifying our business model and emphasizing our core competencies. We are focused on ensuring that we are in the best position to realize our full potential as the leading media and entertainment company exclusively serving the LGBT market, while also strengthening our balance sheet.

The move shouldn’t come as a surprise: the company’s been fighting financial disaster for months and many predicted PlanetOut would ditch the cruise line. The company also recently reverse split its stock, compressing ten shares into one.

Those shares are currently trading at $12.65.