Penthouse Entertainment refuted earlier reports from CNBC and others, saying a press release about the magazine’s website’s overhaul was misinterpreted. That statement noted that the magazine would “continue to be published in print during the transition to digital.”
“We are truly committed to the magazine,” managing director Kelly Holland told USA Today. “There’s gravitas about the print page that you can’t replace.”
The magazine is now owned by online dating site operator FriendFinder Networks, which did shut down the publishing division’s office in New York last week, and moved all magazine operations to Los Angeles. It’s unclear how many people were laid off in New York, however.
“Can I promise we will be publishing print in five years? No, but as long as we can keep it profitable, we will carry it forward,” Holland said.
She didn’t disclose to USAToday if it’s currently profitable, saying only, “It’s challenging.”
FriendFinder Networks bought Penthouse in 2004 and filed for bankruptcy protection in 2013, noting that the magazine hadn’t turned a profit in years.
Penthouse plans to retain magazine, launch overhauled site [USA Today]
by Mary Beth Quirk via Consumerist
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