No one ever thought that the adult entertainment industry will ever be in limbo but the recession revealed that no industry is ever resilient. Adult men’s magazine, Playboy has been hit hard by the global financial crisis that news has it that the publication is now on sale.
If you dreamed about slipping on Hegh Hefner’s slippers and robe, then this might be your chance. That is if you have around $300 million to buy Playboy. That’s the amount potential bidders are looking at to purchase the company.
However, not many players are willing to bite on the asking price with Playboy’s stock only at $100 million. Apollo Capital partners and Providence Equity Partners were both approached but were turned off by the high asking. UK-based Virgin Media, however, is reported to be interested.
“It is clear that this company cannot continue to sustain significant losses in a business that now comprises less than one-quarter of the company’s revenue base,” Jerome Kern, interim chief executive for Playboy Enterprises said.
The publication is also considering limiting publication runs, jacking up prices, and scheduling releases.
Source: ABC
