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Buyout proposed for New Frontier Media

Boulder, Colorado- A New York hedge fund wants to buy New Frontier Media Inc., the Boulder company disclosed in an SEC filing Tuesday.

New Frontier (NASDAQ: NOOF), which distributes adult entertainment via pay-per-view services, said Warren Lichtenstein of Steel Partners II LP told its board at an Aug. 15 meeting he was interested in leading a management buyout of the company.

Lichtenstein, an Aspen resident and chairman of Steel Partners, said he would pay a premium over the market price, but didn’t state a price per share or offer any details about the amount or range of premium over the market price, according to the filing.

New Frontier’s stock closed at $7.89 Tuesday, 15 cents higher than when trading began.

The company said it hasn’t received any further information about Lichtenstein’s intentions other than what the board was told earlier this month.

New Frontier has a market capitalization of $188.3 million.

Steel Partners began buying up stock in New Frontier in the summer of 2005, when it notified the SEC it had purchased about 2.3 million shares, or a nearly 13 percent stake. The company has continued to buy shares of New Frontier. Steel Partners purchased another 387,233 shares in June and July.

Steel Partners now owns about 3.2 million shares of New Frontier, according to a July filing with the SEC.

Last year the investor Web site thestreet.com described Lichtenstein’s reputation “as a hard-nosed corporate raider with a talent for finding value.”

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