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FriendFinder Networks Inc., publisher of Penthouse magazine and operator of adult-oriented social networking websites, delayed its initial public offering on Friday, citing the weak stock market.
"Based on market conditions, (FriendFinder Networks) has chosen not to proceed with its planned initial public offering at this time until market conditions improve," the Florida-based company said in a statement.
FriendFinder Networks said last month it was seeking a listing on the New York Stock Exchange and planned an IPO of 20 million shares of its common stock in a bid to raise as much as 240 million dollars.
Besides publishing Penthouse, FriendFinder Networks operates a number of social networking sites including FriendFinder.com, FrenchFriendFinder.com, Amigos.com, AsiaFriendFinder.com and SeniorFriendFinder.com.
