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PlanetOut Signs LOI TO Sell Magazine and Book Business To Here Networks For $6 Million

This story was written by Rafat Ali.

The troubled online gay and lesbian portal PlanetOut (NSDQ: LGBT) has signed a binding Letter of Intent (LOI) with an affiliate of here! Networks to sell its magazine and book publishing businesses, for a total of $6 million in cash. The deal is with Regent Releasing, an affiliate of NYC-based Here, which is a gay and lesbian TV network. More here in release.

By Rafat Ali

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