Saturday, January 10, 2009
A significant portion of the American LGBT media landscape is about to become a conglomerate. Thursday, PlanetOut Inc. (PlanetOut.com, Gay.com) sent out a press release stating it signed a definitive merger agreement with Here Networks LLC (operator of cable network here!) and Regent Entertainment Media Inc. (properties including magazines The Advocate, Out).
The deal comes after PlanetOut had been on the market for nearly a year. The company sold its magazine and book publishing businesses back in April, and its vacation company in December.
The newly formed public holding company, Here Media Inc., will be helmed by Chairman Stephen P. Jarchow and CEO Paul Colichman. Its unknown whether any of struggling PlanetOut’s jobs will be cut.
Plans are for all three companies to operate separately, as of subsidiaries of Here Media. The agreement still has to be approved by a majority of PlanetOut common stock holders, comply with regulatory filings and approvals, and meet various closing conditions.
PlanetOut shareholders will represent only 20% of Here Media Inc.’s shares.