Playboy's Assets Continue To Sag; Maybe McMahon Can Help
By Karl Klockars in News on Apr 22, 2009 9:00PM
Crain's Chicago Business reports that Playboy is getting deeper into trouble: they might be delisted on the New York Stock Exchange if they don't turn things around pretty quickly. Despite huge budget cuts, CEO Christie Hefner stepping down and other cost-cutting measures, times are still tough for the Chicago-based heritage men's magazine.
The publisher of Playboy magazine has had an average market capitalization below $75 million over the past 30 trading days and less than $75 million in shareholders’ equity. Both thresholds must be met to be listed on the NYSE.
Chicago-based Playboy has said it will submit a plan within 45 days detailing how it will raise both its market capitalization and shareholders’ equity over the next 18 months to meet the requirements.
The company’s shares, which fell 13 cents on Monday to close at $2.08, will remain listed on the NYSE if its plan is accepted.
Whet Moser passes along a couple pieces of advice on the Reader's Chicagoland Blog, to which we'll add a third piece. Where is Playboy's Next Hefner? The magazine has always been synonymous with the swinging publisher and his hedonistic lifestyle - with Hef 1.0 content to pop Viagra and hang out in California, the magazine needs a new public face to re-energize the pro-freedom and anti-guilt image that the Playboy Brand once represented. Now it's personified by bobbleheads on the E! network.
In other erection-inducing news, if you or the gentleman in your life is having trouble achieving a solid "market share" while reading Playboy, former Bears quarterback Jim McMahon has got the product for you. It seems that Mike Ditka talking about boners wasn't bad enough - now the Punky QB is more like the spunky QB.* Ew.
*The dick jokes pretty much write themselves,but damnit, we swear we came up with this one on our own. Too bad commenter #8 on the BearGoggles site beat us to it by a half hour.