PlanetOut Inc. has acquired the assets of LPI Media Inc. and its affiliated direct marketing and publishing entities for $24 million in cash and approximately $7.1 million in seller- financed debt.
LPI publishes gay and lesbian magazines such as the Advocate and OUT, their Web sites and related e-commerce operations.
This transaction will further advance our strategy of building a far-reaching media and entertainment company which aggregates the largest gay and lesbian media brands,” said Lowell Selvin, CEO of PlanetOut Inc. in a statement
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