Thursday, April 10, 2008
Breaking news: here! buys The Advocate!!
Gay and lesbian media portal PlanetOut Inc. agreed to sell its magazine and book publishing business for $ 6 million to Here! Networks, producers of the gay vampire sudster, DANTE'S COVE, pictured left.
PlanetOut just signed a letter of intent with Regent Releasing, the sister company of Here! networks, to sell the company THE ADVOCATE, OUT and OUT TRAVELLER for $6 million dollars total. A formal agreement should be done by April 30 and the deal should close by August 31.
The letter, signed by PlanetOut CEO Karen Magee and Regent CEO Paul Colichman states: "The funds shall be treated as prepaid advertising, to be applied as the marketing occurs."
PlanetOut publishes magazines like Out and Advocate, but wants to return its focus to its web sites gay.com and planetout.com, which have been contributing a smaller percentage of its revenue recently.
here! also owns the web portals, GayWired.com and Lesbianation.com
Paul Colichman, pictured here on left at the SHELTER premiere, the film I produced which here! financed and is currently distributing.
Since Paul paid for the entire production cost of my film, I have been known to refer to him as "daddy" in public circles.
Wow...I guess it won't be as hard any more to get one of the here! films on the cover of The Advocate (SHELTER lost out to Bette Midler a few month's ago)
When called for a comment, Mr Colichman responded, "Mwaaaa-aaaah, I'm taking over all gay media!"*
for more, check out: San Francisco Business Times
*That's not true. But it was funny, right?