Ian Johnson, Out Now
July 3, 2007
PlanetOut, Inc. is a gay and lesbian media and travel business that was the first US public listing for a lesbian and gay market targeted media company and trades under the very distinctive Nasdaq code LGBT.
The PlanetOut Inc company's share price has been on a roller coaster ride this year, from a market high of almost $8 per share down to less than $1 just a few weeks back.
Yesterday the share price recovered over 15% on news that PlanetOut Inc has secured an investor willing to inject much needed funds into the company.
The San Francisco based gay travel and media company seems to have struggled as a result of a loss of focus as technology has evolved taking vital online dating revenues away from the PlanetOut Inc bottom line - at the same time as growing costs associated with the recent PlanetOut takeover of RSVP Vacations and cruise company have impacted heavily on PlanetOut Inc. corporate profit results.
The new infusion of funds - almost $27 million in private equity funds - is, according to PlanetOut Inc, sufficient to carry the company through at least 2008.
Here is an extract of the San Francisco Chronicle business report on the new PlanetOut financing:
In danger of running out of money, PlanetOut said Monday that will get an infusion of $26.6 million from private investors, enough for the gay media company to survive for the time being.
The funding comes two months after PlanetOut, owner of Gay.com, along with the Advocate and Out magazines, disclosed that it was in a financial crisis.
PlanetOut's downward trajectory provides a case study of a business shooting itself in the foot with poorly performing acquisitions in areas outside the company's online roots, outdated technology and declining advertising sales.
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All content on all Out Now websites (C) 2007 - Out Now. Out Now Gay Market News -- Gay Marketing 101 gay market updates site. LGBT communications. Gay PR. Global gay PR marketing, gay public relations strategy, GLBT PR, LGBT issues training, gay advertising, LGBT market, lesbian and gay market research leaders, GLBT marketing. Gay Market News is Gay Marketing 101 - Out Now Gay Marketing, Advertising, Gay PR, Market Research. Travel Market. Training.
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