Friday, July 20, 2007

PlanetOut to cut 15% of staff, restructure

San Francisco-based PlanetOut, a media company focusing on the gay and lesbian community, is laying off 15 percent of its staff and is closing offices in Buenos Aires and London as part of a restructuring plan. PlanetOut employed 273 full-time workers worldwide as of December 2006. Last week, PlanetOut said it raised $26.2 million through the sale of about 56% of the company to outside investors, including Bill Gates' Cascade Investments, according to Digital Media Wire.

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