PlanetOut (LGBT) Enters Into Binding Letter of Intent for Sale of Publishing Business
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PlanetOut Inc. (Nasdaq: LGBT) announced that it has entered into a binding Letter of Intent with an affiliate of here! 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. [TJ]
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