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FriendFinder Networks Offers $210 Million for Playboy Enterprises
Jul 15, 2010 (12:07 PM EDT)
BOCA RATON, Fla., July 15 /PRNewswire/ -- FriendFinder Networks Inc. announced today that it has made a proposal to acquire Playboy Enterprises, Inc. for $210 million. FriendFinder Networks, one of the world's leading internet-based social networking companies, owns over 30,000 web sites with over 350 million registrants in over 180 countries, offering a wide variety of online services.
FriendFinder Networks believes its proposal is in the best interest of Playboy Enterprises and its stockholders, providing a basis for future growth of the Playboy brand and enhancing the Playboy legacy. With over 200,000 affiliates in its network, FriendFinder Networks maintains one of the world's largest internet affiliate programs, providing the Playboy brand the ability to help extend its global reach.
Marc Bell, FriendFinder Networks' Chief Executive Officer, says, "We are very excited about the prospect for the combination of Playboy Enterprises and FriendFinder Networks. We look forward to Mr. Hefner and other key members of management being an integral part of the combined companies."
In a letter to Playboy's Board of Directors outlining their proposal, FriendFinder Networks has proposed a meeting for July 21, 2010 to discuss the opportunity.
About FriendFinder Networks Inc
FriendFinder Networks Inc. (www.FFN.com) is a leading internet-based social networking and multimedia entertainment company operating several of the most heavily visited social networking websites in the world, particularly with respect to its adult-oriented websites. In addition, the FriendFinder Networks family of companies produces and distributes original pictorial and video content, licenses its globally recognized Penthouse brand to a variety of consumer companies and entertainment venues, and publishes branded men's lifestyle magazines.
SOURCE FriendFinder Networks Inc.