Penthouse Files For IPO

0307penthouse.jpgPenthouse has filed with the SEC for a $250 million IPO. Launch date is the second quarter of 2008 and they’re hoping to recoup the debts they incurred in acquiring adultfriendfinder.com. Over at Folio, they’re noting that these are tough times for men’s magazinesPlayboy is expecting a 30% decline in advertising revenue during the first quarter of 2008. But paidContent went into the Adultfriendfinder stats:

“Penthouse Media Group says it plans to use the proceeds of its just-announced $250 million IPO to pay down its debt. It’ll be awhile before the S-1 comes out, but it looks like this debt is probably related to its $500 million purchase of AdultFriendFinder.com parent Various Inc. last December. Bloomberg notes today that the company has said the purchase of the adult-themed social networking company boosted Penthouse’s revenue by 11 fold. Basically, Penthouse is Various, with much better brand recognition. In addition to its most well known site, the company also owns other community/social-nets like Italianfriendfinder.com and BigChurch (yes, a site targeting Christian singles). So assuming things go forward and the filing happens, it should be a helpful clean look behind the numbers for these kinds of sites.”