The Inquirer in the UK is reporting that Larry Flynt is the owner of Friendfinder/Penthouse Media: SEX SELLS, as the saying goes. US media group Friendfinder Networks apparently thinks the stock of its stable of web sites that flog romance and sex will go up in the midst of winter even during a recession, as it has filed with the SEC for an initial public offering yesterday.

Formerly known as the Penthouse Media Group, Friendfinder Networks operates a number of Internet properties including Penthouse, Friendfinder for friendship and romance, sex hookup network Adult Friendfinder, BigChurch.com, Senior Friendfinder and a number of ethnically-oriented Friendfinder websites.

Built by the paraplegic US free speech crusader Larry Flynt, the company hopes to raise up to $460 million with its IPO, which is being underwritten by Renaissance Capital, a Russian investment bank.

Penthouse says it is “one of the largest adult entertainment companies, providing content that spans a wide range of media including TV, video, magazines, and Internet.” It’s major operation online is Adult Friendfinder, “the world’s largest sex [and] swinger personals community.”

Penthouse bought Adult Friendfinder a year ago for about $400 million. It racked up $244 million in revenue for the first three quarters of 2008 and claims that it has nearly a million subscribers to its adult services.

Most of the stock sale proceeds will be used to retire nearly a half-billion dollars in debts. µ