Penthouse estimates combined 2007 revenue after the deal of 340 million.
NEW york (Reuters) - Adult entertainment company erotic adult personals Penthouse Media Group Inc said on Wednesday it bought the owner of sex matchmaking site m for 500 million in cash and securities.
FriendFinder Networks Inc, publisher of Penthouse magazine and numerous adult-entertainment websites, filed for Chapter 11 bankruptcy on Tuesday.
As is typical in bankruptcy, shareholders will likely be left with nothing.By Tom Hals and Sakthi Prasad.Control of the company would go to Andrew Conru and Lars Mapstead, two noteholders who sold various social networking sex offenders in springfield mo websites to FriendFinder in 2007.Reporting by Michele Gershberg, editing by Gerald.Some of that drop was offset by.8 percent rise in live interactive video revenue.The company, which sought to combine social networking and sex, said it had struck a deal with noteholders that will reduce its debt by 300 million if approved by the.S.Bankruptcy Court, District of Delaware.
The FriendFinder case is pmgi Holdings Inc, Case.
Shashoua also said credit card companies had refused to process transactions for the company's Internet businesses.According to a NY Times report, the buying price was 500 million.The company was formed by Marc Bell and Daniel Staton in 2003 when they acquired out of bankruptcy the publisher of Penthouse, Guccione's racier rival to Playboy.Our Standards: The Thomson Reuters Trust Principles.In 2010 the company offered to buy rival Playboy Enterprises Inc for 210 million.Hardest hit was the company's social networking websites, where revenue fell.6 percent, according to court filings.Ezra Shashoua, the company's chief financial officer, blamed the lower revenue on a drop in membership and increased advertising costs for affiliates, according to court documents.