socialmedian: Recession Good For Adult Business? Penthouse-Owner FriendFinder Files For $460M IPO

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Recession Good For Adult Business? Penthouse-Owner FriendFinder Files For $460M IPO

Source: paidContent.org

Dec 24, 2008

Summary

Intentions for this was announced in March this year, but got scuttled, and no one thought it would be re-file in this kind of market environment: Penthouse Media Group, which now goes under a more innocuous name of FriendFinder Networks, has filed its S-1, with an intent to go public and raise about $460 million. Most of the raised money will be used to pay down its debt, related to its $500 million purchase of AdultFriendFinder.com parent Various Inc. last December. Besides the adult sites and magazines, the company also runs Bigchurch.com, a dating site for Christian singles, Cams.com and others. FriendFinder says it has about 270 million members across all its networks, and with recessionary climate, who doesn't need more companionship, whichever kinds, that seems to be the logic with the timing.

This is Penthouse's second attempt at going public…the previous incarnation went public in 1993. The company filed for bankruptcy in 2003, and emerged from it a few months later. The background of the company and its troubles over the years is documented here.

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