Microsoft billionaire Bill Gates has invested millions into a gay media business through his wealth management company.
The US based PlanetOut owns a number of gay websites and magazines including the well known Advocate magazine as well as RSVP Cruises, which offers cruises to the lesbian and gay market.
The investment was made by Cascade Investments LLC, which manages Gate’s money.
Cascade, along with a number of other investors, bought a 56.3 percent of PlanetOut to the tune of $26.2 million, in the process rescuing the company which was facing severe financial difficulties. Last year it reported a net loss of $3.7 million.
PlanetOut has said that it may sell some of its more adult brands. It’s been speculated that these could include dating sites that may contain adult imagery.
The company first went public in 2004 at $9 a share, but has consistently dropped in value since then, closing on Monday at $1.59.