Penthouse has acquired the online billing/payment company iBill from its parent company InterCept Payment Solutions. Media Billing, a 99 percent-owned subsidiary of Penthouse, has bought all of the outstanding member interests of iBill for $700,000 in cash, an $800,000 short-term note and assumption of a $22 million working capital deficit.
Penthouse believes that “numerous economic synergies will exist between iBill and its media companies, including the ability to offer iBill clients access to the PENTHOUSE brands and, at the same time, generate new sources of recurring revenue for Penthouse”.
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