from www.forbes.com – FriendFinder Networks Marc Bell [pictured] has spent the last six months trying to get his hands on Playboy Enterprises, but in the end, its controlling shareholder, Hugh Hefner, decided to sell to someone he’s a little more comfortable with: Hugh Hefner.

“We gave it our best shot,” says Bell, whose bid of $210 million forced Hefner and his backer, Rizvi Traverse Management, to raise their own offer from $185 million to $207 million.

“At the end of the day, you know it’s Hefner’s call. They can’t sell it without his his approval.”

Bell, who is also the managing director of Boca Raton-based Marc Bell Capital Partners, says he still believes folding Playboy into FriendFinder, which already owns Penthouse, would have been a smart move.

“A private equity firm wouldn’t be taking it private and putting up money if they didn’t think there was more value to add,” he says. But he stops short of saying that Hefner’s unwillingness to entertain outside offers hurt other shareholders. “Let’s put it this way: I think the shareholders are getting a better deal than they were getting before,” he says.

For its part, FriendFinder has plenty to keep it busy without worrying about fixing Playboy. Last week, it announced the launch of a Penthouse 3D cable channel, the debut of its first video game, and the establishment of a venture capital arm. Bell says FriendFinder Ventures will only invest in general-audience start-ups, nothing in the adult-entertainment space. “People forget that 17 of our top 20 websites are not adult,” he says. “Everyone always focuses on the adult stuff for some reason.”