PlanetOut To Shed Adult Division

Is PlanetOut beginning to dismantle? In a self-reported story posted on the Advocate's site, PlanetOut Partners has announced it is selling its adult publishing division, SpecPub, as it attempts to stem the hemorrhage of red ink. SpecPub comprises four gay adult magazines: Unzipped, [2] Magazine, Men Magazine, and Freshmen. PlanetOut is revamping Advocate, with a planned redesign set to launch in September.

The company's primary lender has set June 30th as the date by which the company must raise $7M to meet its obligations, with another $8M due by August 31st. PlanetOut's stock price climbed modestly today, at the moment it's at $1.37 vs. yesterday's close of $1.15. RSVP Cruises, which the company has blamed for a portion of its woes, is said to be back on track to meet revenue forecasts.