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ROTY
Joined: 21 Jul 2005
Posts: 1182
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 Posted: Wed Jul 14, 2010 12:10 am Post subject: Hefner Pushes to Take Control of Empire |
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On a day when I posted an article that I couldn't understand, even the most business illiterate Playboy fan can see that this is good news. Hugh Hefner himself is making a push to retake control of Playboy Enterprises.
Hefner has gotten help from a financial backer to buy back controlling interest in Playboy Enterprises and start making the decisions himself again after years of problems facing his company as he lost more and more control over it.
Making this story more interesting is the controlling group of Penthouse have publicly stated that if Hefner attempts to buy back controlling stock, that they will attempt to out match his money in an attempt for THEM to buy controlling interest.
We are approaching one of the most interesting and pivotal times in the history of Playboy if this pans either of these ways.
http://news.yahoo.com/s/ap/20100712/ap_on_en_ot/us_playboy_buyout_8 |
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BigChris
Joined: 23 Jun 2005
Posts: 294
Location: Parts Unknown
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| Posted: Wed Jul 14, 2010 2:13 pm Post subject: |
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I was of the understanding that Hef controlled 70% of the stock and only 30% were shareholders.
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refinedsugar
Joined: 29 Jan 2009
Posts: 93
Location: Canada
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| Posted: Wed Jul 14, 2010 5:09 pm Post subject: |
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| Whatever the situation, whatever may happen, I find it funny in a nostalgic sort of way that Penthouse is still, of sorts, PB's main competitor. They themselves have had a very up-and-down road and the acquisition of Playboy assume would just broaden the new ownerships market penetration (no pun intended). |
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Bobby Z
Joined: 06 Feb 2006
Posts: 162
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| Posted: Mon Jul 19, 2010 12:13 am Post subject: |
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David Roeder takes a critical view of Hef's business relationship with Playboy Enterprises in the following column in the Chicago Sun-Times:
http://www.suntimes.com/business/roeder/2506198,CST-NWS-curious18.article
In case the link expires, the column is titled "Playboy Enterprises is run by Hefner for Hefner" and here's a paragraph:
| Quote: | What other company does so much for its top guy? Consider this from the company's regulatory filing, which has a hilariously detached explanation for why it pays the expenses of an old lecher. A passage reads, "Crystal Harris, Holly Madison, Bridget Marquardt, Karissa Shannon, Kristine Shannon and Kendra Wilkinson, the stars of The Girls Next Door on E! Entertainment Television, resided in the mansion with Mr. Hefner at various times in 2009 and 2008. The value of rent, food and beverage and other personal benefits for their use of the Playboy Mansion was charged to Alta Loma Entertainment, our production company. The aggregate amount of these charges was $0.3 million and $0.4 million in 2009 and 2008, respectively. In addition, each of these individuals receives or has received payments for services rendered on our behalf, including appearance fees."
Services rendered? Sheesh, CEOs have been sacked for stashing one mistress on the payroll, but they weren't in the porn business. |
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GailFan
Joined: 23 Jun 2005
Posts: 359
Location: South Seas
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| Posted: Tue Jul 20, 2010 4:48 am Post subject: |
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You've got to admit it, Roeder's got a point. As I undertsand it, Hef kinda ran the empire into the ground in the late 70s, with the plane, and the casinos, and the clubs, and it wasn't until his daughter took control that she sorted things out (please correct me if I'm wrong with that intrepretation). Who's to say he won't do it again, in a terminal fashion?
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ROTY
Joined: 21 Jul 2005
Posts: 1182
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| Posted: Tue Jul 20, 2010 7:03 am Post subject: |
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| I'm not sure since I wasn't around at the time, but I have always been of the impression that the late 70s-the early 80s was sort of a boom period for Playboy. |
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BigChris
Joined: 23 Jun 2005
Posts: 294
Location: Parts Unknown
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| Posted: Tue Jul 20, 2010 7:52 pm Post subject: |
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| ROTY wrote: | | I'm not sure since I wasn't around at the time, but I have always been of the impression that the late 70s-the early 80s was sort of a boom period for Playboy. |
According to various anniversary retrospects Hef has always stated that the 60's were the boom period and the 70's were the salad days. (Sales went through the roof, the fights with various local authorities ended for the most part, the money was just pouring in, the Big Bunny, the Chicago/LA Mansions, etc.) The Glory Years were clearly around 1972-1980 though.
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Bobby Z
Joined: 06 Feb 2006
Posts: 162
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| Posted: Tue Jul 20, 2010 11:47 pm Post subject: |
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| GailFan wrote: | | You've got to admit it, Roeder's got a point. As I undertsand it, Hef kinda ran the empire into the ground in the late 70s, with the plane, and the casinos, and the clubs, and it wasn't until his daughter took control that she sorted things out (please correct me if I'm wrong with that intrepretation). |
Looking through the Google News Archive, it appears that Playboy's casinos in London were at their height the most profitable part of Playboy Enterprises -- something like 90% of the company's profit was attributable to the casinos there. Playboy had to sell the casinos because they lost their license for, among other things, granting credit to gamblers in violation of the British gaming laws. The Playboy casinos in London were sold in 1982.
Playboy also had a casino in Atlantic City, but they had to sell it because they were denied a long-term license (they had been operating on short-term licenses before the decision); the New Jersey gaming authorities considered Playboy and Hefner unfit, apparently because the company had allegedly made illegal payoffs to secure a liquor license for the New York Playboy Club in the early 1960s (and because Hef allegedly knew of the gaming violations at the London casinos). The Playboy Hotel and Casino in Atlantic City was sold in 1984.[/url] |
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