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Gay.com owner has lost US$100 million

Sun 27 Jul 2008 In: International News View at Wayback

Gay.com parent company PlanetOut Inc has lost US$100 million (NZ$134m) since it was founded. The figure was revealed in the company's most recent stock filings to the Nasdaq market in New York. The company which also publishes leading LGBT magazine The Advocate has been struggling for some time following some disasterous ventures into Cruise ships. In May 2007 high operating costs and declining sales resulted in a considerable first-quarter loss and a resulting slide in share price, reports PinkNews.co.uk. PlanetOut owns The Advocate, Gay.com, PlanetOut.com, Advocate.com, Out.com, OutTraveler.com and HIVPlusMag.com, as well as localised versions of the Gay.com site in English, French, German, Italian, Portuguese and Spanish. Chief executive Karen Magee said last year that it would take at least 12 to 24 months to turn PlanetOut around and that the company may sell its adult businesses. More on this story is on the link below.    

Credit: GayNZ.com News Staff

First published: Sunday, 27th July 2008 - 10:24am

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