Thursday, April 10, 2008

PlanetOut Sells Publishing Business

San Francisco-based PlanetOut has sold its magazine and book publishing business, the firm said late Wednesday, as the firm continues to try to sell the firm. PlanetOut said it is in a letter of intent with an affiliate of here! networks to sell its magazine and book publishing business. Financial terms of the deal were not disclosed. PlanetOut said it expects a definitive agreement by April 30th. PlanetOut said the move will allow it to devote its attention and resources to its online businesses. PlanetOut said it continues to work with investment bank Allen & Co. on strategic alternatives for its online businesses; the firm had engaged the bank in January.