The Advocate joins PlanetOut family  | News | Advocate.com

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November 11, 2005
The Advocate joins PlanetOut family
The Advocate joins PlanetOut family

PlanetOut Inc. on Wednesday purchased the assets of LPI Media Inc.—including the magazines The Advocate and Out and related Web sites—for $31.1 million. The move creates the world's largest media company serving gay men and lesbians. It also nearly doubles PlanetOut's estimated 2005 pro forma revenue, according to a company press release.

The San Francisco–based public company paid $24 million in cash and $7.1 million in seller-financed debt for the assets of Los Angeles–based LPI Media. PlanetOut said it will also reimburse certain prepaid and other expenses totaling about $1 million.

"This transaction will further advance our strategy of building a far-reaching media and entertainment company which aggregates the largest gay and lesbian media brands," said Lowell Selvin, chairman and chief executive officer, PlanetOut Inc. "This combination provides a larger, more diverse foundation for additional growth, particularly in our advertising business, as it becomes a larger percentage of our overall revenue, and it enables us to better reach the markets we serve, driving higher growth in a more cost- effective manner. Besides, this is one gay marriage the laws do allow!"

Out and The Advocate are the two largest-circulation LGBT magazines in the United States. LPI distributes more than 8.2 million copies of its magazines each year.

PlanetOut stock, traded as the symbol LGBT, closed up 5.6% on Wednesday, at $7.51 per share. (Advocate.com)

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