SAN FRANCISCO—PlanetOut Inc., the gay and lesbian media conglomerate that’s struggled to survive severe financial problems in the past year, said Oct. 11 it plans to sell its RSVP Vacations unit to Atlantis Events.

Atlantis Events Inc. specializes in gay and lesbian cruises and vacations, as does RSVP Vacations. Atlantis would retain the RSVP brand, the company said.

Financial terms were undisclosed. The deal is set to close on or about Oct. 24.

PlanetOut officials said the move helps simplify its business model and make advertising revenue its core driver. The company operates several websites, including Gay.com, and publishes The Advocate and Out magazines and other titles.