San Francisco - PlanetOut (NASD: LGBT), the publisher of gay magazines The Advocate and Out and operator of websites including Gay.com, announced on Tuesday that it has retained Allen & Company to assist in the exploration of strategic alternatives, including a possible sale of the company.

PlanetOut also said it will no longer provide earnings guidance, or host quarterly earnings calls for investors.

San Francisco-based PlanetOut last year saw the departure of its president and COO, as well as its chief financial officer, and took steps including the sale of its RSVP Vacations unit, and closing of its offices in London and Buenos Aires.

In July, PlanetOut got a small boost when a private investment group that includes Microsoft chairman Bill Gates took a 12.8% stake in the company.

Today's news of a possible sale of the company sent PlanetOut shares down over 20% to a record low.

Related Links:
http://biz.yahoo.com/prnews/080114/aqm135.html?.v=28

http://biz.yahoo.com/ap/080115/apfn_planetout_mover.html (AP)

http://www.planetout.com