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UPDATE 1-FriendFinder files for $460 million IPO

Tue Dec 23, 2008 11:24am EST

NEW YORK, Dec 23 (Reuters) - 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.

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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 Christian singles.

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)

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