San Francisco, CA -
Thursday, gay and lesbian media company PlanetOut Inc. (NASDAQ: LGBT) agreed to merge with two other companies.
Struggling to stay solvent for several years, the San Francisco-based PlanetOut will reportedly merge
with Here Networks LLC and Regent Entertainment Media Inc., two related businesses that have bought parts of PlanetOut over the past few years.
Under the deal, PlanetOut will receive $4.7 million in cash and its stockholders will get a 20% share of the merged company, which will be known as Here Media.
Here Networks-Regent Media in April acquired PlanetOut's magazine and book publishing units, including The Advocate and Out, for $6 million.
Here Networks provides gay programming services to cable and satellite television and internet platforms. Regent Entertainment Media is the publisher of The Advocate, Out and HIVPlus.
PlanetOut, Inc. is parent company to web sites planetout.com and gay.com.