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Penthouse buys AdultFriendFinder owner

NEW YORK
Wed Dec 12, 2007 11:52am EST
Two U.S. soldiers relax in the back of their Bradley fighting vehicle, with one reading a Penthouse magazine, before going on a mission into Samarra, Iraq, December 17, 2003. Adult entertainment company Penthouse Media Group Inc said on Wednesday it bought the owner of sex matchmaking site AdultFriendFinder.com for $500 million in cash and securities. REUTERS/Stefan Zaklin

NEW YORK (Reuters) - Adult entertainment company Penthouse Media Group Inc said on Wednesday it bought the owner of sex matchmaking site AdultFriendFinder.com for $500 million in cash and securities.

Stocks  |  Mergers & Acquisitions

Penthouse bought Various Inc, which operates in total more than 25 online communities with a combined member base of some 260 million people. Its AdultFriendFinder site has more than 18 million members.

Penthouse estimates combined 2007 revenue after the deal of $340 million.

The flagship Penthouse magazine was formerly owned by Penthouse International, a holding company behind movies, online entertainment and nightclubs.

The magazine is now published by a unit of Penthouse Media Group, formerly known as General Media Inc, that was reorganized under financier Marc Bell.

(Reporting by Michele Gershberg, editing by Gerald E. McCormick)
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