abledating full - Planetout com dating

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The company is based in San Francisco with additional offices in New York, Los Angeles, and Minneapolis.

Both offices outside the US, London and Buenos Aires, are to close. which competes with the larger gay dating site Gaydar.

 It is unclear what will happen to the UK portal of Gay.com, which offers personals, chat, job adverts and scene information as well as news, entertainment and health news.

The company will discuss the announcement in more detail during its upcoming second quarter earnings call scheduled for August 1st, 2007.

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Planet Out Inc, owner of Gay.com, has announced it is to close its London office.

“While we plan to continue serving our global audience, we made this decision to streamline our business operations and reduce expenses,” said Karen Magee, chief executive officer.

Last week it was announced that a company that invests the wealth of Microsoft founder Bill Gates, has purchased a major stake in the company.

Cascade Investments LLC joined with a number of other private equity vehicles including Special Situations Funds, SF Capital Partners, PAR Investment Partners LP and Allen Company LLC to fund a rescue buyout of Planet Out stock The new investors including Mr Gates will collectively own a majority of the shares in Planet Out, likely (dependent on the details of the private placing) to total 56.3 per cent of the company.

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