Bill Gates Saves PlanetOut From Bankruptcy

Towleroad, Joe.My.God, Boy Culture and others are all covering the story of Microsoft founder Bill Gates stepping in to invest over $26 million for a controlling interest in PlanetOut Partners, Inc. in order to save the first online gay media company publicly traded (under ticker symbol LGBT) from an imminent bankruptcy. Joe.My.God has been doing the best job of covering this story and last week reported that PlanetOut was selling it's racier adult properties. PlanetOut Partners is a holding company which currently controls Out magazine, The Advocate, gay.com, planetout.com, and RSVP Cruises.

DISCLAIMER

Mad Professah used to be on the Board of Directors of the original PlanetOut, LLC. back in the late 1990s way before the takeover merger by Liberation Partners during the dot-com boom/bust period. I have no financial stake in the company at this time.