PlanetOut, which operates websites, magazines and travel services for the gay and lesbian community, has sold majority in the company to investors: it sold 22.8 million shares for gross proceeds of $26.2 million, which comes to 56 percent of the company. Buyers include a group of institutional investors, including Special Situations funds, Cascade Investment, SF Capital Partners, PAR Investment Partners and Allen & Co, reports Barron’s blog. The company hired Allen & Co earlier this year to consider a sale or restructuring.

SEE ALSO: PlanetOut is Down, But Hopes Community Site Will Help Stave Off Bankruptcy; Hires Banker

The company CFO says it will continue to work with Allen & Co. on structural changes to the business; he says the company is looking to sell its adult business. More details in release.

The trouble began two years ago when PlanetOut went on a shopping spree over the last couple of years, acquiring the RSVP Vacations cruise business and LPI Publications, publishers of Out, OutTraveler, and The Advocate, as well several adult magazines under the Specialty Publications brand.