02-05-2010, 01:11 PM
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Purveyor, Fine Asian Porn
Industry Role:
Join Date: Jul 2004
Location: San Francisco Bay Area
Posts: 38,323
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Saw this at Barron's:
Quote:
You have to wonder if the market conditions will ever improve enough to allow FriendFinder to go public; while it operates some legitimate dating sites, the company mostly traffics in Web porn.
According to its IPO filing, the company?s properties include sites like AdultFriendFinder.com, where you can see your potential friends in the altogether, GetItOn.com, ?where members from around the world log on to chat and view each other via their webcams,? Cams.com, ?where members pay per minute to chat with models who broadcast on the website via their webcams,? ALT.com, ?catering to users with fetish, role-playing and other alternative sexuality interests,? Bondage.com, where members discuss, uh, the whipping they are taking in the bond market (or something along those lines), and weirdly enough, BigChurch.com, a ?Christian dating website with searchable bible passages and daily bible chapter e-mails.?
They also own Penthouse magazine.
I am trying to imagine the Street doing a financial model for GetItOn.com., or a portfolio manager trying to defend his investment in the bondage market.
Time for another exit strategy, I think.
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And this in another trade journal:
Quote:
Adult entertainment company Friendfinder Networks is canceling its IPO. The reason: ?based on market conditions, it has chosen not to proceed with its planned initial public offering at this time until market conditions improve.?
Translation: appetite for its own IPO was less than lukewarm, and the jittery market conditions is a good way out. Considering its earnings picture and what it needed the money for, that isn?t a surprise.
The company filed for an IPO slightly more than a year ago, at that time hoping to raise $460 million in it. In the last month it cut its ambitions in half: it was hoping to sell 20 million shares for $10 to $12, which at midpoint would have raised about $220 million. And according to reports, it was having trouble raising even that amount.
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Sounds like Friend Finder couldn't find friends on Wall Street to believe in them...go figure! 
ADG |
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