Planet Out Inc. sells Out magazine and Advocate for $6,000,000!

An article in Folio magazine reports that Planet Out was riddled with debt. In fact, Planet Out lost $51.2 million in 2007.

Planet Out acquired Advocate magazine and Out magazine from LPI Media in 2005 for $24 million in cash plus $7 million in debt. My math is not the greatest, but it seems like quite a loss.

Advocate is probably one of the top gay magazines for news. It was started 1967! This is venerable brand that can surely become a cash cow. Just gotta sell those ad pages!

Advovate has circulation of more than 170,000 and Out has circulation of more than 178,000.

These titles probably need some strong business support because we've got to imagine that each title has a loyal following.