The Internext VIP Dinner

For Internext, we started our tradition of not bothering at all with show badges. The show room floor is for sales agents and the last thing I need is to sit through another panel of people who don’t really know what the hell they’re talking about trying to sell me some of their bullshit.

Let’s face it, all the meetings you want to take are at the bar, private dinners, private parties, or (as was the highlight of this Internext) something like the TGP / MGP VIP dinner. Getting upgraded to the Entourage Suite was cool, as were the parties in the Playboy suite and in that one suite with a bowling alley. The Porn Poker Tour had cool show schwag but that VIP Dinner was certainly the highlight event.

Call me a snob, but I like it when parties, dinners or events are exclusive. At this one, they did a good job of keeping out the riffraff. The sponsor presidents were around talking about their programs and the TGP owners were there for trades. The food was great and so was the company.

At one point I looked around the room and thought about the immense collective reach of the people present. It must have been in the hundreds of millions daily.

A couple of the more interesting conversations centered around the recent Penthouse Acquisition of Adult Friend Finder for $500 million. I asked “Legendary Lars” about the buyout for 5X earnings, and he said he wouldn’t have gone through with it if Penthouse wasn’t going to go Public. It’s interesting that most of the adult industry can’t privately sell for more than 5X earnings (and usually less than that) but a public company like Playboy is currently trading for 29 times earnings. Lars is a soft-spoken, highly intelligent guy who’s a shining example of some of the good peeps in our industry.

Then I met and spoke with Marc Bell who’s the CEO of Penthouse. His background is not in the adult space but rather in taking companies from late stage to going public. When I asked where Penthouse got the money to buy Adult Friend Finder, he said he used his own money. He does run a private equity fund. It sounds like an exciting position to be in; taking companies public and providing the bridge financing yourself.

Later, the guys from Penthouse hooked us up at their strip club in Vegas with free drinks, VIP tables and stripper bucks – which are like Toys ‘R Us Gift Certificates only they’re for lap dances.

Anyway, look for Penthouse to be a publicly traded company inside of 2 years.

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2 Responses to “The Internext VIP Dinner”

  1. FreeAgent says:

    Yo, fix your link to Marc Bell.

  2. QuadsZilla says:

    fixed – thanks.