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    April 25, 2007

    More bad news from Planet Out

    Posted by: Chris

    This just in, more bad news about Planet Out from the San Francisco Business Times:

    Media company PlanetOut Inc. said Wednesday that it expects revenue from the first quarter ended March to be between $16 million and $17 million. Analysts had expected an average of $18.59 million.

    The San Francisco company (NASDAQ: LGBT), which focuses on the lesbian, gay, bisexual and transgender communities, said greater than expected discounts on a Caribbean cruise package hurt its results, as did poor sales online and in print.

    The news is likely to be poorly received on Wall Street, although the PlanetOut stock does not have much further to fall, having already dropped from $15 per share in January 2005, to $10 as recently as a year ago, to trading at $3.05 today, down another 15 cents since last Friday.

    As if to rub salt in the wound, among the reasons given for the shortfall was $600,000 paid out to Jeffrey Soukup, who quit as president and COO earlier this month. The collapse of PlanetOut would be devastating to gay media generally, given holdings that include not just the websites Gay.com and PlanetOut, but the Advocate, Out and RSVP vacations.

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    Comments

    1. Kevin on Apr 26, 2007 12:31:21 AM:

      It might be bad for gay for-profit media institutions, but if you look at the depth, breadth and quality of all the published "gay media" of 1997 compared to all that is available in 2007, suddenly it becomes clear why Planet Out and its empire is collapsing. It is the 'old way', even its internet aspects. Look at the gay blogosphere, Chris. There is more out there for the average reader today than one could have imagined ten years ago, and a small elite of editors and publishers can no longer dictate or control what most of the community thinks, or how they get their information, or how the community ponders issues, communicates, etc. I think it's enormously exciting. Perhaps PNO's biggest failure was its inability (a la AOL) to grasp the change that was battering its sides and harness it properly. I know it pains some, but if the Advocate and Out and Gay.com were to vanish tomorrow, I doubt most gays around the U.S. or around the world would notice or care for very long. Nor would news or information distribution suffer much, if at all.

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