friendfinder
Playboy Posts Loss as It Mulls Hugh Hefner and FriendFinder Bids
11:20AM 8/05/2010
Playboy Enterprises, which founder and major shareholder Hugh Hefner wants to take private, reports that its second-quarter loss eased as gains in its licensing business offset declines in publishing.
Hugh Hefner's offer to buy all of Playboy Enterprises and take it private may look like a slam-dunk because he already owns so much of it. Not so. Some big shareholders say it's a low-ball bid, and already FriendFinder has made a higher offer.
Playboy has missed the Internet revolution, resulting in a dismal performance for shareholders. Web adult entertainment network and Penthouse owner FriendFinder wants to buy the company for at least $210 million -- a chance for Playboy to get online assets.
Initial Penthouse Offering, Take Two: Go Public or Go Bust
3:20PM 1/25/2010
FriendFinder Network, formerly known as Penthouse, needs money fast. The weight of hundreds of millions of dollars of debt has prompted it to turn to public capital markets. It%u2019s a desperate move -- in fact, the same move the company made a year ago under the same circumstances.
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