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Penthouse
Sunny Leone on the cover of the September 2006 issue

Sunny Leone on the cover of the September 2006 issue[1]
Cheif Executive officer Marc H. Bell[2]
Categories Men's
Frequency Monthly
Publisher Penthouse Media Group
First issue 1965
Company Penthouse
Country United Kingdom
Language English
Website http://www.penthouse.com
ISSN 0090-2020

Penthouse, a men's magazine founded by Bob Guccione, combines urban lifestyle articles and soft-core pornographic pictorials that, in the 1990s, evolved into hardcore. Sunny Leone (born Karen Malhotra on May 13 1981 is an award winning Indian-American pornographic actress and former ''Penthouse'' Pet Marc Bell is currently the Chief Executive Officer of Penthouse Media Group Inc the owners of Penthouse magazine This is a list of Magazines primarily marketed to Men. The list has been split into subcategories according to the target audience of the magazines Year 1965 ( MCMLXV) was a Common year starting on Friday (link will display full calendar of the 1965 Gregorian calendar. The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom, the UK or Britain,is a Sovereign state located English is a West Germanic language originating in England and is the First language for most people in the United Kingdom, the United States An International Standard Serial Number ( ISSN) is a unique eight-digit number used to identify a print or electronic Periodical publication. Magazines, periodicals or serials are Publications generally published on a regular schedule containing a variety of articles, generally Robert Charles Joseph Edward Sabatini Guccione (b December 17 1930 in Brooklyn New York) is the founder of the adult magazine ''Penthouse'' and was until his resignation Softcore (or soft porn) is a form of Pornography, either video or nude Glamour photography, that is less explicit than hardcore material Pornography or porn is the explicit depiction of Sexual subject matter with the sole intention of sexually exciting the viewer The 1990s collectively refers to the years between and including 1990 and 1999 Hardcore pornography is a form of Pornography that features explicit sexual acts. Penthouse is owned by Penthouse Media Group, Inc. formerly known as General Media, Inc. whose parent company was Penthouse International Inc. prior to chapter 11 restructuring. Chapter 11 is a chapter of the United States Bankruptcy Code, which permits reorganization under the Bankruptcy laws of the United States Although Guccione is American, the magazine was founded in 1965 in the United Kingdom, but beginning in 1969 was sold in the United States as well. Year 1965 ( MCMLXV) was a Common year starting on Friday (link will display full calendar of the 1965 Gregorian calendar. The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom, the UK or Britain,is a Sovereign state located The United States of America —commonly referred to as the At the height of his success, Guccione was considered to be one of the richest men in the United States. He was once listed in the Forbes 400 ranking of wealthiest people (1982-$400 million net worth[3]). According to an April 2002 New York Times article that quoted Guccione saying Penthouse grossed $3. 5 billion to $4 billion over the 30-year life of the company, with net income of almost half a billion dollars. [4]

Contents

Innovations

For many years, Penthouse fell between Playboy and Hustler in terms of its explicitness and general attitude toward sexual depictions, with Playboy being visually softer and less focused on female genitals and with Hustler going for a raunchier look and content often consisting of toilet humor. Playboy is an American Men's magazine, founded in Chicago Illinois, by Hugh Hefner and his associates which has grown into Playboy Hustler is a monthly pornographic Magazine aimed at heterosexual men and published in the United States. Toilet humour, or scatological humour, is a type of off-colour humour dealing with Defecation, Urination, Flatulence, Vomiting Almost from the start, Penthouse pictorials showed female genitalia and pubic hair when this was considered by many to be obscene. A sex organ, or primary sexual characteristic, as narrowly defined is any of the anatomical parts of the body which are involved in sexual reproduction and constitute Pubic hair is Hair in the frontal Genital area the crotch, and sometimes at the top of the inside of the legs these areas form the pubic region

Up until 1974, the depiction of female genitalia offered a fuzzy portrayals of the pudenda, without the inner labia parted, after which sharper views of the vulva were shown.

Simulated sex, but not penetration or male genitalia, followed; then, several years later, male genitalia, including erections, could be seen. Human sexual behavior or different human sexual practices encompass a wide range of activities such as strategies to find or attract partners ( Mating and display In addition, Penthouse attempted to maintain some level of reading content, although usually of a more sexually oriented nature than Playboy.

Move from softcore to hardcore pictorials

In 1998 Penthouse decided to change its format and began featuring sexually explicit pictures (i. e. , actual oral, vaginal and anal penetration). Sexual penetration is the Penetration of a Bodily orifice, such as the Vagina, Anus or Mouth, with a body part or another object It also began to regularly feature pictorials of female models urinating, which, until then, had been considered a defining limit of illegal obscenity as distinguished from legal pornography. Female (♀ is the Sex of an Organism, or a part of an organism which produces ova (egg cells Urine is a liquid waste product of the body secreted by the Kidneys by a process of filtration from Blood and Excreted through the Urethra.

A different approach to restoring sales was attempted by the UK version of the magazine in 1997. Under the editorship of Tom Hilditch, the magazine was rebranded as PH. Tom Hilditch (born 1965 UK is an award-winning journalist and magazine editor based in Hong Kong. UK and relaunched as middle-shelf "adult magazine for grown-ups". Fashion photographers (such as Corinne Day of The Face magazine) were hired to produce imagery that merged sex and fashion. The Face was a Magazine started in May 1980 by Nick Logan out of his publishing house Wagadon The magazine's editorial content included celebrity interviews and tackled issues of sexual politics. The experiment attracted a great deal of press interest but failed to generate a significant increase in sales. PH. UK closed in late 1998.

The new owners (see below) significantly softened the content of the magazine starting with the January 2005 issue. Penthouse no longer showed genitalia, real or simulated sex, or other hardcore content. While this change allowed the return of a limited number of mainstream advertisers to the magazine, it has not significantly raised the number of subscribers; total circulation is still below 350,000. [5] Some critics have even suggested that the softening of content may have hurt sales.

Financial history

Penthouse’s parent company became General Media Inc in 1993 in connection with the company going public in December 21, 1993, in an $85 million United States Securities and Exchange Commission (SEC) registered bond offering. Events 69 - The end of the Year of the four emperors: Following Galba, Otho and Vitellius, Vespasian Year 1993 ( MCMXCIII) was a Common year starting on Friday (link will display full 1993 Gregorian calendar) The US Securities and Exchange Commission (commonly known as the SEC) is an independent agency of the United States government which holds primary responsibility Jefferies and Company led the junk bond offering (Jefferies is a leading middle-market investment bank listed on the New York Stock Exchange). In Finance, a high yield bond ( non-investment grade bond, speculative grade bond or junk bond) is a bond that is rated below The main buyer of the bonds was the $40 billion MacKay Shields division of the venerable $143 billion New York Life insurance company. The New York Life Insurance Company (NYLIC is the largest mutual life-insurance company in the United States, and one of the largest life insurers

The collateral for the bonds was primarily the registered trademarks of the company and other intellectual property, since the “Penthouse” brand is a worldwide recognized brand and would be difficult and expensive to recreate.

In 1997, Cerberus Capital Management began acquiring the General Media bonds in the open market. Year 1997 ( MCMXCVII) was a Common year starting on Wednesday (link will display full 1997 Gregorian calendar Cerberus is one of the largest hedge funds in the United States, with a reported $18 billion under management.

In an effort to raise cash and to reduce debt, Penthouse sold its portfolio of several automotive magazine titles in 1999 for $33 million cash to Peterson Automotive, the national automotive-publishing group. Year 1999 ( MCMXCIX) was a Common year starting on Friday (link will display full 1999 Gregorian calendar) While these titles were successful, it is widely reported that the science and health magazines Omni and Longevity, cost Penthouse almost $100 million, contributing to its eventual financial troubles. OMNI was a Science magazine and Science fiction magazine published in the USA.

Guccione and his trust remained the sole shareholder of General Media, according to SEC filings, despite the bondholder obligations. In October 2002, he agreed to take on his first minority shareholders in 37 years. Affiliates of Jason Galanis and Charles Samel acquired 15% of the company, according to SEC filings (affiliates later acquiring 100% in November 2003, according to filings). Jason Woodruff Galanis, (b 1970 at New York Hospital on the Upper East Side of Manhattan and raised in Greenwich Connecticut, is an investor in financial In October, 2002, General Media became a wholly owned subsidiary of Penthouse International (f/k/a American Pulp). [6][7]

In May 2007, the SEC settled a suit brought against Galanis and Samel for alleged fraud and financial misreporting. In the settlement, no guilt was admitted, while the settlement resolves the SEC's accusations that General Media used an unauthorized electronic signature of Bob Guccione, the magazine's former chief executive officer, to meet Sarbanes-Oxley-law certification requirements in its 2003 first-quarter report[8].

Bankruptcy

Per SEC filings, General Media defaulted on a [$1. 3 million] payment on its $50 million in outstanding bonds. As a result, the bondholders had a right to take control of the company unless General Media sought protection under the federal bankruptcy laws. [9]

On August 12, 2003, General Media, the parent company of the magazine, filed for Chapter 11 bankruptcy protection. Events 1099 - First Crusade: Battle of Ascalon - Crusaders under the command of Godfrey of Bouillon defeat Fatimid Year 2003 ( MMIII) was a Common year starting on Wednesday of the Gregorian calendar. Immediately upon filing, Cerberus Capital management entered into a $5 million debtor-in-possession credit line with General Media to provide General Media working capital. [10][11] In October 2003, it was announced that Penthouse magazine was being put up for sale as part of a deal with its creditors. On November 13, 2004, Guccione resigned as Chairman and CEO of Penthouse International, the parent of General Media. Events 1002 - English king Ethelred orders the killing of all Danes in England, known today as the St "MMIV" redirects here For the Modest Mouse album see " Baron von Bullshit Rides Again "

General Media later filed a plan of reorganization that ceded control to the bondholders, but then withdrew this plan and filed a new plan that would have resulted in the equity holders maintaining control of the company. [12] Also, the parties acquired the Guccione mansion from the foreclosing lenders and reached agreement with Guccione to lease him the home for $1 per year for the rest of his life. Robert Charles Joseph Edward Sabatini Guccione (b December 17 1930 in Brooklyn New York) is the founder of the adult magazine ''Penthouse'' and was until his resignation [13]

Given the enormous recognition for the Penthouse brand, financier Marc H. Bell, a high-net-worth South-Florida real-estate developer and founder of the Globix Corporation, a once-public Internet-hosting company, formed a partnership for the acquisition, called it PET Capital Partners (as in, "pet of the month")[14] then led his team in amassing 89 percent of the magazine's $50 million in bond obligations. Marc Bell is currently the Chief Executive Officer of Penthouse Media Group Inc the owners of Penthouse magazine "We didn't buy the company, we bought the debt," says Bell.

The bankruptcy challenges between the bondholders and the shareholders continued through four official plans of reorganization and substantial litigation. Ultimately, the bondholder plan of PET Capital Partner group was confirmed by the Court. However, the plan could not close without the settlement of the outstanding litigation between the parties.

On September 28, 2004, the Molina parties agreed to dismiss their claims and consent to the transaction. Events 48 BC - Pompey the Great is assassinated on orders of King Ptolemy of Egypt after landing in Egypt. "MMIV" redirects here For the Modest Mouse album see " Baron von Bullshit Rides Again " According to SEC filings, simultaneously Care Concepts paid PET Capital Partners $16. 45 million[15] in cash for 39. 3% of Penthouse Media Group. [16] Penthouse International paid an additional $1,000,000. Molina released his claims in consideration for return of a $10 million promissory note due to PET Capital Partners.

On October 4, 2004, General Media emerged from bankruptcy and was renamed the Penthouse Media Group. Events 610 - Heraclius arrives by ship from Africa at Constantinople, overthrows Byzantine Emperor Phocas "MMIV" redirects here For the Modest Mouse album see " Baron von Bullshit Rides Again " It is now owned by three investors: Bell, Daniel Staton, a South-Florida investor with diverse investment properties, ranging from Broadway shows to Build-a-Bear stores, and a member of the board of directors of Public Storage, Inc. Broadway theater, commonly called simply Broadway, refers to theatrical performances presented in one of the 39 large professional theaters with 500 seats or more located Build-A-Bear Workshop ( is an American retailer that sells customizable Teddy bears and other Stuffed animals Build-A-Bear Workshop is the largest , (NYSE: PSA), and Absolute Capital Management, run by Florian Homm, a German hedge-fund manager, who lives on the Spanish island of Mallorca. Bell was reportedly solicited for capital by an officer of General Media but elected to buy the bonds and attempt to foreclose. [17] Bell was quoted in South Florida CEO Magazine in June 2004 as saying "They were in bankruptcy, their bonds were trading for pennies and nobody wanted the company," says Bell. "It was going to be liquidated and we figured it was a great buy.

In August 2005, PET Capital Partners completed a financing with each of Post Advisory, Canyon Capital, and Satellite for $40 million. Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar. According to SEC-filed documents dated August 31, 2005, signed by Marc Bell as President, Jefferies and Company represented Penthouse in the private placement of new debt. Events 1056 - Byzantine Empress Theodora becomes ill dying suddenly a few days later without children to succeed the Throne Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar. According to the filing, payments were made to directors and officers of $14,502,901 and “payments to others” were $11,710,965. 38, leaving the company with working capital of $11,441,218. 59.

Hedge Funds Role

Because of the established brand, Guccione was attractive to leading institutional investors, including the country’s largest fund investors. Beginning in 1997, Cerberus Capital Management acquired interests in the bonds of Guccione’s General Media, Inc. In addition, Elliot Associates was a lender to Guccione personally and held a $17 million mortgage on his mansion. Later after Guccione sought protection in bankruptcy, a European hedge fund called Absolute Capital Management—based in Mallorca, Spain, and London—acquired the bonds from Cerberus. Absolute is a publicly traded hedge fund with $2. 1 billion under management. Guccione was able to pay Elliot Associates with money from Galanis and Laurus Funds. As part of the bankruptcy restructuring, shareholders of Penthouse arranged additional institutional financing in order to fund a competing plan or reorganization that would preserve their nterests as shareholders. Post Advisory Group, a $9. 0 billion hedge fund owned by the insurance company Principal Financial Group, formally committed in writing on March 4, 2004 to $30 million to General Media, along with $38 million pledged from the Molina family. [18] Though Post Advisory did not fund the above plan, since it was not confirmed by the Court, after reorganization bankruptcy was completed, Post Advisory Group, Canyon Capital, and Satellite[19] collectively invested $40 million into the reorganized General Media, now called Penthouse Media Group. Today, the three hedge funds own a first mortgage on all of the assets of Penthouse. Laurus has reportedly sold the mansion for $59 million in late 2006. Galanis reportedly introduced and structured the initial Post Advisory transaction, the Laurus/Alexandre transaction and the Molina investment in order to restructure the company and preserve the common stock. Cerberus first acquired Guccione's debt in 1997[20] when the hedge fund purchased personally guaranteed debt owed by Guccione in connection with his ill-fated Atlantic City casino venture that cost him an estimated $140 million. Guccione eventually borrowed the money from Elliot and others to pay Cerberus in full, but went further in debt as a result.

Notwithstanding the Penthouse/Guccione financial issues, General Media had had a positive cash flow for the prior 10 years, according to filings made with the SEC. However, as it paid over $8 million in interest on the bonds and $4. 5 million to pay Guccione’s living expenses,[21] salary, and upkeep on his mansion, the company became cash strapped.

Acquisitions

In December 2007, PMGI announced the purchase of Various, Inc. for 500 Million Dollars. [22] Various operates a stable of social networking sites, including AdultFriendFinder. Adult FriendFinder ( AFF) is an online sex and swinger personals community Website.

Controversies

Vanessa Lynn Williams

The September 1984 issue of Penthouse was the second largest selling issue of any magazine in history (5. 3 million copies), outdone only by the November 1972 of Playboy, which sold 7. Playboy is an American Men's magazine, founded in Chicago Illinois, by Hugh Hefner and his associates which has grown into Playboy 1 million copies. This issue featured photos of Vanessa Lynn Williams, who was the previous Miss America, from early in her modeling career. Vanessa Lynn Williams (born March 18, 1963) is an American Singer-songwriter and actress. The Miss America pageant is a long-standing competition which awards scholarships to young women from the 50 states plus the District of Columbia and the US Virgin Islands Williams posed for the series of black and white photos with another female model, engaged in simulated lesbian acts, and appeared on the cover with movie actor George Burns. A lesbian is a Woman who is romantically or sexually attracted only to other women George Burns ( January 20 1896 &ndash March 9 1996; born Nathan Birnbaum) was an American comedian, Actor

Traci Lords

Although Williams' pictures generated the most publicity at the time, the issue would later become even more controversial because of its centerfold, Traci Lords. Traci Lords (born Nora Louise Kuzma on May 7, 1968) also known as Traci Elizabeth Lords and Tracy Lords, is an American Lords posed nude for this issue at the beginning of her career as an adult film star. It was later revealed that Lords was underage throughout most of her career in pornography and was only fifteen when she posed for Penthouse. As a result, the issue is illegal to own with centerfold intact because it fell under the laws against child pornography. Child pornography refers to material depicting Children being in a state of undress engaged in erotic poses or sexual activity

International versions

As of April 2006

Auto Racing

A Hesketh 308E in 1977's Penthouse Rizla Racing livery.
A Hesketh 308E in 1977's Penthouse Rizla Racing livery.

Penthouse sponsors the 1X car of driver Randy Hannagan in the World of Outlaws sprint car series. The World of Outlaws (often abbreviated WoO is an American motorsports sanctioning body Much controversy from fans has surrounded the sponsorship with many claiming to outright boycott any event Hannagan is entered in. The sports sanction body, DIRT Motorsport however will not prevent Penthouse from their sponsorship role. There is a section of Penthouse's official site that can only be accessed through a link on Hannagan's website and when accessed offers a special discount for a one year subscription to the publication.

The magazine previously sponsored cars in the Formula One circuit from the late 1970s to the early 1980s. Teams included Hesketh Racing and RAM. Hesketh Racing was a Formula One constructor from Great Britain, which competed from 1973 to 1978.

See also

References

  1. ^ List of Penthouse Issues, Cover Models and Pets
  2. ^ GMCI Internet Operations, Inc. Models who have appeared in the American edition of Penthouse magazine and were named Pet of the Month or Pet of the Year. This is a list of Magazines primarily marketed to Men. The list has been split into subcategories according to the target audience of the magazines Pubic Wars, a Pun on the Punic Wars, is the name given to the rivalry between the Pornographic magazines Playboy and Penthouse Hustler is a monthly pornographic Magazine aimed at heterosexual men and published in the United States. Playboy is an American Men's magazine, founded in Chicago Illinois, by Hugh Hefner and his associates which has grown into Playboy , Marc H. Bell - Chief Executive Officer, Penthouse Media Group Inc. corporate officers, 2006
  3. ^ NY Times, September 25, 2005, Don't Blink. You'll Miss the 258th-Richest American, By NINA MUNK
  4. ^ NY Times, April 8, 2002, Cybersmut and Debt Undermine Penthouse, By DAVID CARR
  5. ^ Latest figures from the Audited Bureau of Circulation
  6. ^ Sample Contract
  7. ^ Guccione and American Pulp
  8. ^ Reuters, Penthouse settles accounting fraud case with SEC, by John Poirier, May 11, 2007
  9. ^ SEC Filing
  10. ^ SEC Filing
  11. ^ Media Life, August 13, 2003, Guccione files for bankruptcy, Creditors shove pornster up against the wall
  12. ^ SEC Filing
  13. ^ Bob Guccione#Guccione Mansion
  14. ^ South Florida CEO, Barbara Perkins, Hardcore Investing
  15. ^ $6 billion Sandell Asset Management/Castleregg Fund provided a substantial part of the funds per SEC documents
  16. ^ SEC Filing
  17. ^ SEC Archives
  18. ^ SEC Filing
  19. ^ [Canyon and Satellite reportedly manage $9 and $12 billion respectively]
  20. ^ Kansas City Business Journal , N.Y. firm buys Nichols stock, , July 18, 1997, by Dan Margolies
  21. ^ The Oral Cancer Foundation
  22. ^ [1] PMGI Company Press Release

External links

Events 3114 BC - According to the Lounsbury correlation the start of the Maya calendar. Year 2003 ( MMIII) was a Common year starting on Wednesday of the Gregorian calendar. Robert Charles Joseph Edward Sabatini Guccione (b December 17 1930 in Brooklyn New York) is the founder of the adult magazine ''Penthouse'' and was until his resignation
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