The Playboy empire may be on the auction block. If it can’t find a buyer, it has to figure out how to survive massive losses that show no sign of diminishing.
Last week, the “sophisticated” gentlemen’s magazine had a dismal conference call announcing its fourth quarter and full-year financial results. Jerome Kern, the company’s interim CEO, gulped and reported a 2008 loss of $156 million.
Kern admitted he’s “open to discussions” about a possible sale. In the last six months, the company has eliminated 80 jobs, lost its CEO (founder Hugh Hefner’s daughter Christie), moved back to Chicago, and replaced its editorial director. Critics also complain that the magazine has no internet strategy.
The magazine desperately needs to attract a younger demographic. So it doesn’t take a genius to figure out that one of its problems is that its most visible spokesman is an 82-year old man who pretends he’s sleeping with three attractive young women.
Hugh Hefner seems to have “sophistication” confused with “sophomoric.”
Source: Mediabistro
