In a deal that combines two gay media giants, PlanetOut, Inc. said Wednesday it will acquire the publisher of the Advocate and Out magazines, according to a published report.
According to the Los Angeles Times, the agreement is valued at $31.1 million.
By combining forces, PlanetOut of San Francisco also hopes to be more attractive to advertisers because of its broader reach.
“This is one gay marriage that the laws do allow,” Lowell Selvin, PlanetOut’s chief executive officer, told the newspaper.
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