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PlanetOut gets new investors

Bill Gates' investment arm is among those investing $26 million to help prop up the struggling publisher for the lesbian, gay, bisexual and transgender market.

Struggling PlanetOut said Monday that it has in new funds from private investors.

The publicly traded company, which runs the PlanetOut and 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 common stock to the investors. The deal is scheduled to close on or about Friday, PlanetOut said.