FriendFinder Sets IPO Terms, Cuts Size of Offering by Half

BOCA RATON, Fla. — FriendFinder Networks Inc. on Friday set the terms of its initial public offering, which essentially cuts the size of the offering by more than half to about $220 million.

A filing with the Securities and Exchange Commission said it plans to sell 20 million shares for $10 to $12, each.

FriendFinder filed for an IPO of up to $460 million in December 2008.

FriendFinder, which operates the AdultFriendFinder network as well as about two dozen more networking sites, also owns Penthouse Media Group Inc.

FriendFinder on Friday sent letters to prospective shareholders, asking them to go to brokerage Ladenburg Thalman’s website to open an account for the IPO.