PlanetOut has announced the sale of Out and Advocate magazines to New York-based gay cable channel Here Networks for $6M cash, payable in monthly installments beginning this month. PlanetOut will retain Gay.com and PlanetOut.com, a mere fraction of its formerly sprawling holdings which included adult magazine publisher Spec Pubs and gay cruise company RSVP. Last month PlanetOut put Expedia in charge of booking travel on its websites.
PlanetOut reported a loss of $51.7M in 2007, with an accumulated deficit of over $89M. The company reported having 237 employees at the end of last year. Let’s hope Here Networks has better luck running the magazine side.