NEW YORK Dec 23 FriendFinder Networks Inc, an
operator of social-networking websites and publisher of the
adult men's magazine Penthouse, filed on Tuesday for a $460
million initial public offering.
FriendFinder, formerly known as Penthouse Media Group Inc,
runs a number of networking sites, ranging from the adult site
Adultfriendfinder.com to bigchurch.com, a dating site for
FriendFinder plans to use the proceeds of its IPO primarily
to pay off debt, according to a filing with the U.S. Securities
and Exchange Commission.
Penthouse Media Group, which changed its name to
FriendFinder in July, said in March it planned to raise $250
million in an IPO and file with the SEC in the second quarter.
The Boca Raton, Florida-based company bought FriendFinder
in December 2007 for $500 million in a bid to get a foothold in
the online adult market.
According to the regulatory filing, FriendFinder's net
income between Jan. 1 and Dec. 6, 2007, was $48.6 million, down
20.5 percent from the full year in 2006.
FriendFinder intends to list on the New York Stock Exchange
under the symbol "FFN."
(Reporting by Phil Wahba; editing by John Wallace)