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By Jesse Freund

(Business 2.0) – Why do media moguls think pink is so fab? It's simple: Gay and lesbian Americans command an estimated $475 billion in spending power, and advertisers want to reach them. In mid-May, Triangle Television Network plans to launch the first cable and satellite channel for gays and lesbians. Programming will initially be limited to a few sitcom reruns, documentaries, and movies (The Wizard of Oz, anyone?), but watch the competition; Bravo and Showtime have beefed up ratings with gay-friendly fare, and Viacom chairman Sumner Redstone has ordered MTV to accelerate plans for the launch of its own gay channel.