Ian Johnson, Out Now
April 15, 2008
TOPICS: LGBT PlanetOut media titles sold. PlanetOut offloads gay print media products to here! TV network. PlanetOut (NASDAQ:LGBT) sells gay print media titles after poor recent gay media advertising performance.
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As they say on terminating Australian trains - it's time for "All out! All change!" at PlanetOut (NASDAQ:LGBT) as the gay media listed company consolidates its balance sheet.
PlanetOut has had a tough time in the markets lately.
As a publicly listed company, PlanetOut gets more attention than would a privately held gay and lesbian media company.
That has made the troubles at PlanetOut all the more painful to watch.
Gay Market News first reported on the problems at PlanetOut (NASDAQ:LGBT) last May and now, almost 11 months to the day, PlanetOut is divesting its print media assets in a sale to here! TV Networks in a sign that the US gay media market is in the process of consolidating.
Logo gay TV - Viacom's MTV Networks gay TV channel - landed in the US gay media market almost three years ago now.
Logo's main gay TV competitor - here! TV - was first to market in the US gay TV market, and seems to be growing strongly.
That must be the case as PlanetOut have announced they are selling their core print gay market assets to here! gay TV.
The titles being sold include some of America's landmark gay and lesbian mastheads including: Out magazine, Out Traveler and Advocate magazine.
The sale caps off a truly bad year for PlanetOut - one in which their share prices went nowhere but South, they sold out of their online gay cruise travel business and managed to extract declining gay advertising sale revenues in a US gay media market that saw increasing total spend in the gay media market.
Even the intervention of Bill Gates did practically nothing to stem the red ink flowing at PlanetOut.
It is definitely 'all out, all change' at PlanetOut, however it could also be said to be 'back to the future' for the company as they refocus on their original online social interaction services, including Gay.com dating site.
PlanetOut stock price is currently trading at USD$2.80 on the NASDAQ exchange.
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