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Thursday, March 12, 2009

PlanetOut's Announces "Iffy" Future

This week, PlanetOut Inc filed their audit report with The Securities and Exchange Commission and announced that they doubt they will be able to continue operating as a going concern. Due to massive debt, the once largest GLBT media company is holding on long enough to complete a merger with Here Media Inc which is due to be completed by the end of the second quarter, 2009.

"Following a very thorough review of all of the strategic alternatives available to us, and the proposed transaction, our Board concluded that the opportunity to combine with Here Networks and Regent Entertainment Media was in the best interests of PlanetOut's stockholders," said Karen Magee, PlanetOut's CEO. "We believe that the strategic fit between PlanetOut and Here Media, and the complementary nature of these respective businesses, their client bases, and their audiences, will result in a combined company with greater financial and market strength than either business on its own."

"This business combination will unite a powerful broadband video solution with an iconic brand and a leading URL in the LGBT community," said Paul Colichman, CEO of Here Networks. "We are extremely excited about the opportunity to leverage this exceptional collection of assets to expand our audience, grow our revenues, and increase stockholder value."

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