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Penthouse Invests $500M In Group Of Social Networking Sites

New York Times   |  ANDREW MARTIN   |   December 12, 2007 12:59 AM

Read More: Penthouse, Penthouse Magazine, Penthouse Media Group, Social Networking, Social Networking Sites, Social Networking Websites, Breaking Business News
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While the influx of free and low-cost video has hurt the sale of pornographic videos, the chief executive of the Penthouse Media Group remains so bullish on the sex-related entertainment industry that he is investing $500 million in a group of social networking sites.

Marc H. Bell, chief executive of Penthouse Media, said the company had acquired Various Inc. and its subsidiaries as part of a plan to expand its reach. Various operates more than 25 networking sites and says it has a member base of more than 260 million consumers, about 1.2 million of them paying subscribers.

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