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Penthouse Magazine + FriendFinder = Bankrupt

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Published on Sep 17, 2013

"FriendFinder Networks, the owner of Penthouse magazine and a bevy of online dating and adult websites, filed for Chapter 11 bankruptcy protection Tuesday. The Sunnyvale, Calif., company said that bankruptcy protection is the "most efficient and cost-effective" way for it to improve its balance sheet. FriendFinder, like many of its peers in the adult entertainment industry, has been struggling for some time with lower revenue, as free adult content online has lessened demand for paid content. It also faces tough competition for its online dating sites. The company reported a loss of $49.4 million in its last fiscal year. The company owns well-known Penthouse magazine and related products, but it also runs a bevy of online dating sites such as Friendfinder.com, Seniorfriendfinder.com and Bigchurch.com...".* The Young Turks host Cenk Uygur break it down on The Young Turks.

*Read more here from the AP: http://www.usatoday.com/story/money/b...

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