PlanetOut Inc. (Nasdaq: LGBT) today announced that it has acquired substantially all of the assets of LPI Media Inc., and affiliated direct marketing and publishing entities for $24.0 million in cash and approximately $7.1 million in seller-financed debt. PlanetOut will also reimburse certain prepaid and other expenses totaling approximately $1.0 million. LPI, a privately-held company, is the nation’s leading publisher targeting the gay and lesbian market, distributing more than eight million copies of its magazines each year. LPI publishes The Advocate and OUT, which are the two largest circulation LGBT magazines in the U.S., as well as the acclaimed Web sites Advocate.com, OUT.com and related e-commerce sites. PlanetOut intends to finance the cash portion of the purchase price with cash on hand. This acquisition makes PlanetOut Inc. the largest gay media company the world.