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Old 12-21-2005, 05:19 PM  
Lensman
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Join Date: Jan 2001
Location: Adult.com
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Quote:
Originally Posted by NichePay - StuartD
XBiz just reports what is posted here... someone posted that it was $12mil... thus, it's a news story!
This was the post:

Original post on GFY:

Quote:
Originally Posted by warlock5
May be I'm late with this news.. but Playboy's recent SEC filings said they paid $12 million for an "online distribution business" which I am told is ICS.

"At the end of the third quarter, we acquired an online distribution business to complement our current online business for consideration of $12.0 million, of which $8.0 million was paid at closing, with an additional $2.0 million payable on each of the first and second anniversaries of the closing. Pursuant to the asset purchase agreement, we are obligated to pay future contingent earnout payments, payable over a five-year period, based primarily on the financial performance of the acquired lines of business."

"In order to create opportunities to promote our websites to a broader audience and enhance our current product offerings, at the end of the current year quarter we acquired an online distribution business with an extensive affiliate network. Pursuant to the asset purchase agreement, we are obligated to pay future contingent earnout payments, payable over a five-year period, based primarily on the financial performance of the acquired lines of business. As contingencies have not been met as of September 30, 2005, these amounts are not recorded. If future payments are made based on contingencies being met, amounts will be recorded as a combination of additional purchase price and compensation expense."

See their SEC filings here: http://finance.yahoo.com/q/sec?s=PLA
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