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Playboy Faces Delisting
Thursday, April 23, 2009
Steve Smith

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The New York Stock Exchange has warned Playboy Enterprises that it is not in compliance with minimum market capitalization requirements of $75 million and may be delisted from the exchange. With a much-diminished market cap of around $70 million on a share value of about $2.25 (at close April 22), Playboy continues to suffer from substantial ad-page declines in its core media business. The company said early this year it would consider a sale. The stock price has come down from $8.70 a year ago and went as low as $1.03 in the last month.

The NYSE requires that the average market cap for a company remain above $75 million during a 30-day period. The company says it will respond to the NYSE notice with a plan for complying with exchange requirements within 18 months.

The company has been in an aggressive cost-cutting program. It recently closed its New York office and consolidated print and digital teams. It also relaunched its Web site last month in an effort to attract more users and advertisers. Playboy's longtime CEO Christie Hefner stepped down late last year, and more recently its president of media resigned.


If you have breaking news to share please contact Steve Smith at ssmith@accessintel.com

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