planetout

Sources: Heavy layoffs at PlanetOut

Everyone knows that many media organizations are struggling, and now the latest evidence comes from PlanetOut, where as many as a third of the staff were laid off this week.

The first word of the reductions at the popular lesbian, gay, bisexual, and transgender news and entertainment network came Monday via the prolific The Media is Dying Twitter feed, which aggregates reports of layoffs and staff moves across the media industry.

"PlanetOut has axed 50 percent of the work force--includes sales and editorial," The Media is Dying wrote.

In response to a request for comment, PlanetOut spokesperson Angelina … Read more

PlanetOut gets new investors

Struggling PlanetOut said Monday that it has struck a deal to raise $26 million in new funds from private investors.

The publicly traded company, which runs the PlanetOut and Gay.com Web sites, as well as Out and The Advocate magazines, has seen its revenue drop and its losses widen in recent months.

Among those investing, as noted by the Seattle Post-Intelligencer, is Bill Gates' investment arm, Cascade Investment LLC. Other investors include Special Situations Funds, SF Capital Partners, PAR Investment Partners and Allen & Co. The investment is coming from the sale of roughly 22.8 million shares of … Read more