After a huge drop in stocks last year the gay media itself was uncertain of the empires sustainability. Even after a huge financial donation to get the company back into shape (rumored to be from Bill Gates), the company has finally decided to close its doors and was sold to Here Networks for $6 million, reports Ohlala Mag.

Wow, it’s hard to believe that they are only worth $6 million dollars. We weren’t all that surprised though. Back in the days when we requested some photos and stuff from the mag to use on this site their former editors were simply just ignoring us. Let’s hope the Here Networks can catch up with the gay trends. The closing date will be August 31. At the end of 2007, PlanetOUT, Inc. had a workforce of 237.