Anyone who buys into the FriendFinder Networks IPO won’t just be buying a piece of a debt-ridden, money-losing collection of porn sites and social networks. They’ll also be buying a piece of a car the company bought from one of its founders, and now values at $95,000. Readers tell me it’s a Ferrari Modena.
Potential investors in FriendFinder Networks don’t just get to own a piece of a debt-ridden collection of porn sites and social networks. They also get part ownership of a $95,000 car. But exactly what kind of $95,000 car are they getting?
What kind of tech and media company tries to go public in this economy? A tech and media company with no other options. Meet FriendFinder Networks, which needs to raise a lot of money very quickly.
Peter Kafka has been covering media and technology since 1997, when he joined the staff of Forbes magazine. Most recently, he has been the managing editor of the tech and media Web site, Silicon Alley Insider. Read more »
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