TVNewser FishbowlDC AgencySpy TVSpy LostRemote PRNewser SocialTimes AllFacebook 10,000 Words GalleyCat UnBeige MediaJobsDaily

Penthouse Publisher Files for Bankruptcy

FriendFinder Networks, publisher of the literary mag Penthouse, has filed for Chapter 11 bankruptcy. In a court filing, the company — which also owns the platonic friendship site adultfriendfinder.com — listed estimated liabilities of $500 million to $1 billion.

Meanwhile, assets for FriendFinder Networks were listed as $10 million plus a lot of men who enjoy looking at pictures of naked ladies.

“Despite continuing member interest and high volume traffic, the debtors did not make certain payments to the holders of existing first lien notes and cash pay second lien notes which constituted a default under their respective indentures,” FriendFinder said in its filing.

Mediabistro Course

The Art of the Book Review

The Art of the Book ReviewStarting August 4, learn how to get paid to write reviews that will influence the publishing landscape! Taught by a Publishers Weekly book critic, you'll learn how to recommend a book to its audience, write reviews of varying lengths, tailor a review to a specific publication and more! Register now!