{"id":61619,"date":"2024-11-13T00:05:11","date_gmt":"2024-11-13T00:05:11","guid":{"rendered":"https:\/\/english.saigonbiz.com.vn\/2024\/11\/13\/plby-group-reports-third-quarter-2024-financial-results\/"},"modified":"2024-11-13T00:05:11","modified_gmt":"2024-11-13T00:05:11","slug":"plby-group-reports-third-quarter-2024-financial-results","status":"publish","type":"post","link":"https:\/\/english.saigonbiz.com\/vn\/plby-group-reports-third-quarter-2024-financial-results\/","title":{"rendered":"PLBY Group Reports Third Quarter 2024 Financial Results"},"content":{"rendered":"
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Signs Deal with Lenders to Reduce Senior Debt by $66 Million;
<\/em><\/strong>Makes Key Progress Toward Asset-Light Model<\/em><\/strong><\/p>\n

LOS ANGELES, Nov. 12, 2024 (GLOBE NEWSWIRE) — PLBY Group, Inc. (NASDAQ: PLBY) (\u201cPLBY Group\u201d or the \u201cCompany\u201d), a leading pleasure and leisure lifestyle company and owner of Playboy, one of the most recognizable and iconic brands in the world, today announced financial and operational results for the quarter ended September 30, 2024. Comparability is to the same period in the prior year and all periods presented reflect the Company\u2019s Honey Birdette business as a discontinued operation, as appropriate and unless otherwise noted.<\/p>\n

Comments from Ben Kohn, Chief Executive Officer of PLBY Group<\/u><\/strong><\/p>\n

\u201cThis year we have taken substantial and necessary actions to strengthen our balance sheet and restore Playboy to its iconic roots, establishing a more sustainable path forward. This week, we signed a deal with our existing lenders to restructure our debt, reducing our senior debt from approximately $218 million to approximately $152 million. Related to that, we will issue our lenders $28 million of a new convertible preferred stock. We will be able to redeem the new convertible preferred stock, at our sole option, for either cash (at any time) or common stock at a minimum price of $1.50 per share and a ceiling of $4.50 per share, subject to the terms of the preferred. The restructured debt, coupled with the approximately $30 million in total cash we now have, provides us a stronger financial foundation moving forward.\u201d<\/p>\n

\u201cOperationally, we continue to advance our asset-light model. Having closed the Byborg Enterprises investment last week, we are working hard to finalize the strategic licensing agreement with Byborg, with the anticipation of closing by year-end. Successfully completing this transaction will allow us to make other operational changes, which will streamline our business and accelerate our path to meaningful profitability. In addition, we have successfully signed multiple new licensing agreements, and combined with the anticipated $300 million in guaranteed minimums from Byborg over the initial 15 years of the pending agreement, we are establishing a growing baseline of recurring revenue.\u201d<\/p>\n

\u201cSimultaneously, we have relaunched Playboy.com, targeting key content verticals, including men\u2019s lifestyle, automotive, sports and travel, that we believe can significantly expand our audience and grow engagement. Playboy remains the quintessential aspirational lifestyle brand, recognized around the world. We are accelerating plans to expand engagement, create exciting events and experiences, and grow our social media presence, all supported by the recently redesigned Playboy.com.\u201d<\/p>\n

\u201cAs we near the return of the iconic Playboy magazine in early 2025, we do so from a position of growing strength. We are reviving Playboy\u2019s place as a launching pad for talented and beautiful women through a global search for our newest Playmate, kicking off with an eight-city casting tour, culminating in the reveal of the 2024 Playmate of the Year in the new magazine.\u201d<\/p>\n

Recent Highlights<\/u><\/strong><\/p>\n