July 6, 2007

News: Cash Gates Open for PlanetOut

According to news reports, Microsoft billionaire Bill Gates has stepped in to lend a helping hand to beleaguered PlanetOut Inc. The San Francisco–based company, which has been looking to unload its adult division, Specialty Publications (producer of Unzipped, Men, Freshmen and [2] magazines), received a reprieve from its financial woes with an infusion of $26.2 million from a group of investors, including Gates via his private investment firm Cascade Investment LLC. PlanetOut also owns Out magazine, The Advocate, Gay.com, RSVP Vacations, among other assets. The deal was expected to close this week.

No comments: