Here Networks on Wednesday completed a merger with the struggling PlanetOut to create a new company called Here Media.
It was a whole different ballgame for PlanetOut during the boom. From the Hollywood Reporter:
“The merger preserves the remaining assets of PlanetOut, a once high-flying Internet company that had struggled with losses and debt as it ventured into offline businesses.
“Its shares once traded for more than $100 apiece, but even an investment from a hedge fund controlled by Bill Gates didn’t save PlanetOut from slipping into penny-stock status before Here swooped in to rescue it.
“When the NASDAQ delisted the stock last week, it traded at 38 cents.”
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