PlanetOut sells magazine division
PlanetOut Inc, parent company of long-established gay publications including The Advocate and Out magazine, announced yesterday it has entered into a binding Letter of Intent with an affiliate of here! Networks (owner of Gaywired Media) to acquire PlanetOut’s magazine and book publishing businesses.
Sale of the magazine and book publishing business will allow PlanetOut to focus on its core online properties.
The magazine and book publishing business will join here!’s online, television and film properties.
“We are extremely pleased that here! Networks will be the new parent company for our publishing business,” said Karen Magee, Chief Executive Officer, PlanetOut.
“Here! Networks Co-Founders Stephen P. Jarchow and Paul Colichman have long been admirers and strong supporters of The Advocate and Out, and we believe that our magazines, their associated websites and Alyson books will thrive under here!’s ownership.”
Jarchow and Colichman spoke to enduring legacy of the PlanetOut properties.
“In adding PlanetOut’s magazine and book publishing group to our television, film and online media properties, we continue the LGBTQ legacy that the men and women of PlanetOut have built and nurtured,” said Jarchow and Colichman.
“We recognise the responsibility and opportunity that LGBTQ media has in making a meaningful and positive impact on society and culture.
“We will protect and expand these iconic brands with integrity, passion and commitment.”
A definitive agreement is expected to be finalised by April 30th 2008. The transaction is expected to be closed on or before August 31st 2008.
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