The broadcasting arm of the Larry Flynt-affiliated company that markets Hustler magazine has initiated its previously announced tender offer for the shares of Boulder's New Frontier Media Inc., company officials announced Monday.

Los Angeles-based LFP Broadcasting LLC earlier this month agreed to pay $2.02 per share, plus a contingent cash payment, for the outstanding shares of New Frontier (Nasdaq: NOOF). 

The agreement between the adult entertainment media firms came after six months of turbulence at New Frontier.  

The Boulder firm received buyout offers from at least two firms — one from New Frontier's largest investor, which spurred a proxy contest and legal battle. It then established a special committee to evaluate strategic alternatives and later fired its CEO and chairman and requested the resignation one of its independent directors. 

Alan Isaacman, a New Frontier board member and member of the special committee, was appointed chairman of the company. Isaacman served as Flynt's attorney in the 1988 Supreme Court case between Hustler magazine and Jerry Falwell.