During a conference call today announcing Playboy’s fourth quarter and year-end 2008 financial results, interim chairman and CEO Jerome Kern was asked by an analyst if, now that longtime CEO Christie Hefner is no longer with the company, it will consider a sale and/or changes in the strategic direction of Playboy magazine.Reason is kind of obvious: internet porn. This is the same reason why print journalism is becoming obsolete in general: people are turning to the internet.
“Yes, we’re open to discussions,” Kern said.
Playboy reported a year-end net loss of $156.1 million in 2008, compared to a net gain of $4.9 million during 2007. The majority of that loss came during the fourth quarter, which saw a profit loss of $145.7 million due, in part, to $157.2 million in impairment and restructuring charges. - Foliomag.com
Friday, February 20, 2009
Playboy Reports Huge Loss
Labels:
business,
Glen Maganzini,
national news,
porno
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