Looks like the professional-homos have gotten a bail-out. The only thing they seem to have going for them is the brand name of Gay.com, and their magazines. I don’t wish them ill, but I continue to be stymied trying to reconcile what I know of their operating habits and any real business strategy. Good luck, grrls.

PlanetOut Inc announced today that it has entered into a purchase agreement in connection with a private placement of common stock to a group of new and existing accredited and institutional investors that includes Special Situations Funds, Cascade Investment, L.L.C., SF Capital Partners, PAR Investment Partners LP and Allen & Company LLC. Pursuant to the terms of the purchase agreement and subject to customary closing conditions, the transaction is expected to close on or about July 6, 2007 with PlanetOut receiving an aggregate of approximately $26.2 million in gross proceeds from the sale of approximately 22.8 million shares of its common stock. Allen & Company LLC acted as the placement agent for the transaction. (Read More)