Business News

Here Networks LLC and Its Publishing Affiliate Complete Merger Deal With PlanetOut Inc.

Thursday 18. June 2009 - New company will operate under name Here Media Inc.

Here Networks LLC announced today the completion of the business combination of Here Networks LLC and its publishing affiliate, which includes the LGBT publications The Advocate and Out, with PlanetOut Inc. (formerly-traded under the ticker symbol, LGBT). The new public company resulting from this business combination will be named Here Media Inc. with Stephen P. Jarchow serving as Chairman and Paul Colichman serving as CEO.

On Wednesday, June 10, 2009, the holders of a majority of the outstanding shares of PlanetOut Inc. common stock voted to approve the proposed business combination.

“The close of this deal represents an exciting moment for LGBT consumers across the globe,” said Stephen P. Jarchow and Paul Colichman. “We look forward to bringing new features that will enhance the user experience and keep our customers engaged.”

Here Media now becomes the premier global company for providing news and entertainment to the LGBT community. The company is also uniquely positioned to provide advertisers opportunities to reach its niche audience across platforms including television, online, print publishing, and filmed entertainment. Here Media’s unmatched reach positions the company as a leader in creating an interactive relationship with consumers across all its iconic brands.

Jarchow and Colichman, along with current PlanetOut Inc. Chairman Phil Kleweno, will serve as the initial board of directors of Here Media.