PLEASUREBUSINESSVODAVN AWARDS 2014

Located in: Home > Business > Technology News > Friend Finder Says IPO Is Still a Go

Friend Finder Says IPO Is Still a Go

Company says it expects to complete the IPO process by year’s end.

Friend Finder Says IPO Is Still a Go

BOCA RATON, Fla.—FriendFinder Networks Inc. today announced that it has filed an amendment with the Securities and Exchange Commission (SEC) for an initial public offering of its common stock, and expects the IPO process to be completed by the end of 2009.  The company said it intends to list its common stock on the New York Stock Exchange under the symbol "FFN."

FriendFinder also said it intends to use the net proceeds of the public offering to redeem a portion of its outstanding senior secured indebtedness and to pay waiver fees to certain debt holders. Penthouse Media Group acquired Friend Finder in 2007 for a reported $500 million, but in doing so took on considerable debt, $442 million of which is still outstanding. The corporate entity was subsequently renamed FriendFinder Networks Inc.

According to minonline.com, “The filing also revealed the scale at which adult-oriented content works. Across multiple social networks FFN boasts 54 million monthly unique users, with 4.3 million new registrants each month in the first half of this year. About 1 million of those users are paid monthly subscribers, which accounts for 79.1% of its Internet revenues. The average monthly revenue per subscriber is $21.67 for the adult networking sites and $18.70 from general social networks. A marketing network comprised of 200,000 affiliates accounts for 44% of the Internet revenues. Of course, that monthly gusher of new registrants converting to members is critical to a network that also had a monthly churn rate of 17% this year, although the company improved this turnover from 21% in the same six month period last year.”

A registration statement relating to the proposed sale of these securities has been filed with the Securities and Exchange Commission but has not yet become effective.

ADVERTISEMENT






Related Content:

Penthouse Media Group Inc.
FriendFinder
AdultFriendFinder
Tom Hymes

Comments

 /
Please log in to comment.
Don't have a free account? Become a member!


By participating you agree to our Privacy Policy & the AVN "Be Kind Policy"
and represent that you are not under the age of 18.

Related Topics







AVN.com