iOS app Android app More

Penthouse Invests $500M In Group Of Social Networking Sites

First Posted: 03/28/08 03:45 AM ET Updated: 05/25/11 01:20 PM ET

Penthouse

New York Times:

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.

Read the whole story: New York Times

FOLLOW HUFFPOST BUSINESS

Filed by Nicholas Sabloff  |