PlanetOut Inc, which owns Gay.com, PlanetOut.com and LPI Media (The Advocate, Out Magazine, HIV Plus, and Alyson Books) has retained Allen & Co. LLC to “evaluate strategic alternatives” including a possible sale of the company, PlanetOut reports.
According to financial website Seeking Alpha, “For the first nine months of 2007, PlanetOut reported a loss of $33.1 million on revenues of $39.8 million. The company last July raised $26.2 million in equity financing from a group of investors that included Special Situations Funds, Cascade Investment LLC, SF Capital Partners, PAR Investment Partners LP and Allen & Co. It sold its its travel business, RSVP, to Atlantis Events Inc. for an undisclosed sum in October, a little more than a year after acquiring it. Trading at $6.20 on Monday, PlanetOut has a market capitalization of $25.4 million. With such a cheap price and obvious appeal as a provider of information to a niche market, PlanetOut should be able to find a buyer, unless its finances scare everyone off.”
Reuters reports that “The company said it will no longer provide quarterly or annual earnings outlook and will not hold quarterly earnings calls. It will report its results through its periodic filings with the Securities and Exchange Commission.”