BOCA RATON, FL.–FriendFinder Networks has announced that it will make public its proposal to acquire Playboy Enterprises on Thursday July 15, at 12:30 pm. Presumably, that means 12:30 pm Eastern Standard Time.

FriendFinder CEO Marc Bell said on Monday that his company was "exploring an alternative proposal" to Hugh Hefner's announced intent in a letter to the company's board to buy back all outstanding Playboy shares and take the company private.

Penthouse magazine is owned by FriendFinder Networks.

AVN will follow this story as it develops.