First Martha Stewart, Now ‘Punky Brewster’
If Martha Stewart can go public, why not “Punky Brewster”?
West Hollywood-based Webstation.com Inc.--co-founded by 23-year-old actress Soleil Moon Frye to develop an entertainment and chat site aimed at young people--filed Friday with the Securities and Exchange Commission for an initial stock sale valued at up to $36 million.
The company is banking on the entertainment industry connections and popularity of Frye--who played the precocious Punky Brewster on the 1980s NBC television series of that name--to attract a target audience of 13- to 35-year-olds.
The company plans to launch its site next year, offering live programming, e-mail, personal Web pages, chat rooms, entertainment news and electronic-commerce links.
“Many members of our target market will remember Ms. Frye” from her TV series, the company said in its filing. “We believe we will derive significant benefits from Ms. Frye’s extensive Hollywood experience and contacts.”
Webstation.com plans to use the Internet to broadcast movie premieres, fashion shows, skateboard competitions, surfing events, concerts and backstage parties. The company will also produce special events such as college spring break activities in Daytona Beach and Key West, Fla., and Cancun, Mexico. It also plans to target Spanish-speaking communities in the U.S.
The company plans to offer 3 million shares at $10 to $12 each under the Nasdaq ticker symbol VIEW. First Financial Equity Corp. will underwrite the stock sale.
