Porn Pays: Friend Finder Raises $551 Million (PLA)

FriendFinder Networks, which owns Penthouse magazine and thousands of adult-oriented social-networking sites, said it completed a round of financing worth $551 million, according to the

FriendFinder said it has a few big ventures it's getting into, but did not go into specifics on what those ventures were. It had previously bid for Playboy Enterprises, Inc.

. It bid $210 million for the company, higher than the bid offered by Hugh Hefner, the chairman of the company. Hefner bid $185 million for the company. Friendfinder had originally filed to go public with a $200 million offering, but postponed those plans, citing market conditions.