TheStreet.com reported Thursday that Warren Lichtenstein, an activist investor, has sold off some of the shares he holds in New Frontier Media, a major cable, satellite and pay-per-view adult content provider toward which he had previously made overtures for a management buyout.

New Frontier, the umbrella firm to The Erotic Networks (TEN), is a formidable competitor with Playboy, and this move on the part of Lichtenstein is being viewed by analysts as a step back from his previous designs on the company.

To read TheStreet.com's full report on the development, click here.