NEW YORK—A week after raising $50 million in an IPO that priced shares at $10, Boca Raton-based FriendFinder Networks has seen its stock tumble to almost half its initial price. At the close of bell Tuesday, shares were selling at around $5.75 on the Nasdaq, down about 20 percent from Monday’s close price of $7.20.
In the meantime, one of FFN’s most famous brands, Penthouse, has announced several moves, including the launch of a Pan European “soft” 3D channel and the opening of The Penthouse Club in San Francisco.
In an announcement issued yesterday, the company said Penthouse 3D "Soft" launched May 1 following the March 2011 launch of the Penthouse 3D Pan European linear hard core channel.
DTH platform Digiturk, in Turkey, is the first platform to launch Penthouse 3D "Soft" exclusively, with additional platforms in other territories anticipated to follow. The channel is available on a daily basis from 10 p.m. until 4 a.m. (GMT +1) on ASTRA 3B, 23, 5 degrees East. Highlights of the soft core feed include 100 percent full 3D native HD programming providing approximately 30 hours of refreshed content each month.
"We are excited about adding another channel to the Penthouse 3D line-up," said FFN chief executive Marc Bell. "We strive to be the leader in technology and continue to provide consumers with a variety of options of fresh content on the world's best platforms."
Today, the company also announced that General Media Communications, Inc., a subsidiary of FriendFinder Networks and the publisher of Penthouse Magazine, has signed an agreement with BT California, LLC for the upcoming opening of The Penthouse Club San Francisco.
“In a newly remodeled club that has operated as ‘Broadway Showgirls’ for many years, The Penthouse Club San Francisco is scheduled to open in the fall of 2011 and will feature state-of-the-art sound and light systems, superb ambiance and, of course, the beautiful Penthouse Key Girl entertainers,” stated the prepared statement. “The club will also offer a 5-star dining experience catering to locals as well as the millions of business and leisure visitors to San Francisco.”
The Penthouse Club San Francisco is owned by BT California, whose general manager, Glenn Prime commented, "We have been in this market for more than 10 years and it's great to bring the world-famous Penthouse Club brand to San Francisco. Our management and staff are very excited to become part of the Penthouse family. The Penthouse Club brand is an ideal fit for us and the upscale experience we provide our guests, entertainers and staff. We are confident that The Penthouse Club San Francisco will quickly be recognized as the best club in the market."
Jeff Stoller, Director of Global Club Licensing for FriendFinder Networks added, "This agreement is very special because we have been working together with BT California for a long time toward the goal of bringing The Penthouse Club to San Francisco. It's exciting for the first Penthouse Club in California to be opening in San Francisco, and it is a significant step in the development of The Penthouse Club family of clubs."
For more information on The Penthouse Club San Francisco, visit here.
For more information about FriendFinder Networks, click here.
