HEY!! I'm in Penthouse!!

[David Jamieson]

You're the copier repair guy at Bryn Mawr???

[GeneChing]

Did you know that Playboy is one of the highest paying magazines in the entire industry? I don't know where Penthouse stands, but they're up there. Or at least they used to be, the market has changed for adult mags - the web has seriously damaged their economy. Stephen King got his start writing for adult mags and he's one of the most lucrative writers now. Sometimes I think I'm in the wrong industry.

[GeneChing]

Man, I forgot about this old thread. How does one forget that they were in Penthouse?

This was a funny thread.

Penthouse sold at auction to online porn titan for $11.2M
By Keith J. Kelly June 7, 2018 | 10:11pm | Updated


Penthouse sold at auction to online porn titan for $11.2M
AFP/Getty Images

The owner of Bang Bros won the auction for Penthouse on June 4, agreeing to pay $11.2 million for the publishing, broadcasting, digital and licensing rights.

The owner of more than 43 porn sites, including Bangbros.com, is WGCZ Ltd S.R.O., which beat out underbidder Pornhub as well as Larry Flynt’s Hustler and Adam Levin’s Dream Media.

The mystery company takes over on June 11.

Levin’s company had submitted what is known as a stalking horse bid of $3 million after first picking up the defaulted $10 million loan note from ExWorks Capital for an undisclosed amount.

Hamid Rafatjoo, an attorney representing the unsecured creditors committee, said, “To go from $3 million to $11.2 million, I think is a great result. We’re looking forward to monetizing the other assets and wrapping this thing up.”

Still to be liquidated is a digital coin company, Vice Industry Tokken, that Penthouse Global Media invested in.

The assets of Penthouse Global Media include all the back content of the X-rated magazine, whose most recent cover featured Stormy Daniels, the adult-film actress.

The assets also include the cult classic film “Caligula,” which Penthouse founder Bob Guccione Sr. made in 1979, starring Helen Mirren, Malcolm McDowell and Peter O’Toole, among others. Guccione lost control of the publishing firm and died in 2010.

Penthouse Clubs, which operate in nine cities under a licensing deal, were sold off earlier for $1.2 million to the group that owns the license.

Rafatjoo said that there are probably $3 million to $5 million in unsecured creditors. “I don’t think they will be paid in full.”

He said that the time frame for unsecured creditors to come forward has not yet closed and he hopes the final sale of other assets brings in several million dollars more.

Penthouse Global Media had declared Chapter 11 bankruptcy in January, a little more than two years after a group headed by Chief Executive Kelly Holland had bought the title and resurrected the print edition of the 53-year-old magazine that was founded originally to be a more explicit hard-core version of Hugh Hefner’s Playboy. At its peak, Penthouse sold more than 5 million copies a month to Playboy’s peak of 7 million.

Holland said she is “extremely happy with the outcome.”

She told Media Ink that she is staying on under the new owners.

“With the company debt-free, we are ready to grow,” she said.

“The new owners are committed to maintaining the four business units — publishing, broadcast, licensing and digital,” she added.