Key Developments For PlanetOut Inc.
PlanetOut Inc. Delists From NASDAQ-Stock Exchange
The Stock Exchange reported that PlanetOut Inc. has been delisted from NASDAQ.
Here Networks LLC And Its Publishing Affiliate Complete Merger Deal With PlanetOut Inc.
Here Networks LLC announced the completion of the business combination of Here Networks LLC and its publishing affiliate, which includes the LGBT publications The Advocate and Out, with PlanetOut Inc. The new public company resulting from this business combination will be named Here Media Inc. with Stephen P. Jarchow serving as Chairman and Paul Colichman serving as Chief Executive Officer.
PlanetOut Inc. CEO OKs Plan To Cut Workforce By 33%-DJ
Dow Jones reported that PlanetOut Inc. disclosed that Chief Executive Officer (CEO) Karen Magee approved a plan to reduce the Company's corporate workforce by about 33%. The Company said in a document filed with the Securities and Exchange Commission that it is taking this action to reduce costs and manage operating expenses.
PlanetOut Inc., Here Networks and Regent Entertainment Media Announce Merger to Create Here Media Inc.
PlanetOut Inc. announced that it has signed a definitive merger agreement to combine with Here Networks LLC and Regent Entertainment Media Inc. The combined public company will be called Here Media Inc. The transaction will be effected through a contribution by the owners of Here Networks and Regent Entertainment Media of those businesses and a minimum of $4.7 million of cash into Here Media, a newly formed holding company. PlanetOut will concurrently be merged with a wholly owned subsidiary of Here Media. Following the contribution and the merger, all three companies will be subsidiaries of Here Media. Under the terms of the agreement, PlanetOut stockholders will receive one share of Here Media common stock, together with one share of Here Media special stock, for each share of PlanetOut stock that the stockholder owns immediately prior to the effective time of the merger, which will result in the former PlanetOut stockholders owning 20% of Here Media's common stock and 100% of its outstanding special stock. The owners of Here Networks and Regent Entertainment Media will receive that number of shares of Here Media's common stock such that they will own 80% of Here Media's common stock following the merger and the contributions. Neither the common stock nor the special stock of Here Media is currently expected to be listed. The parties hope to close the transaction in or before the second quarter of 2009.
PlanetOut Inc. Enters Into Binding Letter of Intent For Sale Of Publishing Business
PlanetOut Inc. announced that it has entered into a binding Letter of Intent with an affiliate that Networks to acquire PlanetOut's magazine and book publishing businesses. The transaction includes marketing commitments, cash payments, and the assumption of the majority of the operating liabilities and assets of the business by here!, and commitments by PlanetOut to provide certain marketing and advertising services to here! Networks and here! films. A definitive agreement is expected to be finalized by April 30, 2008, and the transaction is expected to close on or before August 31, 2008.
