Gay.com owner has lost $100 million since launch

Gay.com parent company PlanetOut Inc has lost $100 million (£50 m) since it was founded. The figure was revealed in the company's most recent stock filings to the Nasdaq market in New York. The company which also publishes the Advocate has been struggling for some time following some disasterous ventures into Cruise ships. In May 2007 high operating costs and declining sales resulted in a considerable first-quarter loss and a resulting slide in share price. In July 2007 a company that invests the wealth of Microsoft founder Bill Gates purchased a major stake in PlanetOut. Cascade Investments LLC joined with a number of other private equity vehicles to fund a rescue buyout of PlanetOut stock. That same month the company closed its London and Buenos Aires offices as part of a streamlining of business operations designed to... [read full story]