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Saturday, February 21, 2009
Playboy changes
Posted by Sex and Love editor on Sat, Feb 21, 2009 at 12:36 PM
A new article by the
As it posted a big quarterly loss, Playboy Enterprises indicated Wednesday that it would be willing to sell the company or change the direction of its flagship magazine, a surprise to some investors. But a Playboy spokeswoman, Elizabeth Austin, said Thursday that "this is no change in policy. We've always been open to discussion."Ms. Austin emphasized that Playboy was not looking to sell the magazine by itself. "The magazine is not for sale," she said.
On Wednesday, as Playboy reported a fourth-quarter loss of $145.7 million, a steep decline from the $1.1 million it lost in the fourth quarter of 2007, analysts sensed a strategy shift. Christie Hefner, the company's longtime chief executive and the daughter of the Playboy founder Hugh Hefner, resigned last December. She was replaced by an interim chief executive, Jerome Kern.
When an analyst asked if Playboy was open to an overall sale of the company or change in the
direction of the magazine since there was no longer a Hefner running the company, Mr. Kern responded, "Yes." He added, "We're willing to listen."
Playboy had long been under pressure from Wall Street analysts to consider selling the company or selling or licensing its magazine. But analysts had speculated that Mr. Hefner, 82, who is the controlling shareholder of Playboy Enterprises, would refuse to part with either the magazine or the company.
With Ms. Hefner gone, there seems to be a welcome "shift at the company," said Jonathan Boyar, a principal at Boyar Asset Management in New York, which owns Playboy stock.
Read the rest of the article at The New York Times
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