Penthouse (magazine)

==Financial history==
In 1982, Guccione was listed in the Forbes 400 ranking of wealthiest people, with a reported $400 million net worth.<ref>Munk, Nina (September 25, 2005).[https://www.nytimes.com/2005/09/25/business/yourmoney/25trail.html?ei=5090&en=77b8995bfdcfff3c&ex=1285300800&adxnnl=1&partner=rssuserland&emc=rss&pagewanted=print&adxnnlx=1170651846-aAbtNROzyxQPjdoeXOpasA "Don't Blink. You'll Miss the 258th-Richest American"]. ''The New York Times''.</ref> An April 2002 ''New York Times'' article quoted Guccione as saying that ''Penthouse'' grossed $3.5 billion to $4 billion over the 30-year life of the company, with a net income of almost $500 million.<ref>Carr, David (April 8, 2002). [https://query.nytimes.com/gst/fullpage.html?res=9C02E2D7153DF93BA35757C0A9649C8B63 "Cybersmut and Debt Undermine Penthouse"]. ''The New York Times''.</ref>

In 1999, hoping to raise cash and reduce debt, ''Penthouse'' sold several automotive magazine titles from its large portfolio Peterson Automotive, raising $33 million in cash. However, two of their retained publications, science and health magazines ''[[Omni (magazine)|Omni]]'' and ''Longevity'' lost almost $100 million, contributing to financial problems.<ref>{{cite news|url=http://nymag.com/nymetro/news/media/features/n_9815/index1.html|title=The Porn King in Winter|work=New York Magazine|last=Haden-Guest|first=Anthony|date=2004|access-date=February 23, 2017}}</ref>

===Bankruptcy===
On August 12, 2003, General Media, the parent company of the magazine, filed for Chapter 11 bankruptcy protection. Immediately upon filing, [[Cerberus Capital Management]] entered into a $5 million [[debtor-in-possession]] credit line with General Media to provide working capital.<ref>{{cite web|url=https://www.sec.gov/Archives/edgar/data/1164123/000103883803000516/form8k081203.txt|title=SEC Filing|access-date=November 17, 2017}}</ref><ref>{{cite web|url=http://www.medialifemagazine.com:8080/news2003/aug03/aug11/3_wed/news2wednesday.html|archive-url=https://archive.today/20130104003426/http://www.medialifemagazine.com:8080/news2003/aug03/aug11/3_wed/news2wednesday.html|url-status=dead|title=Wednesday|date=January 4, 2013|archive-date=January 4, 2013|website=medialifemagazine.com}}</ref> In October 2003, ''Penthouse'' magazine was 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.

''Penthouse'' filed for [[bankruptcy]] protection on September 17, 2013. The magazine's then-current owner [[FriendFinder]]'s current [[common stock]] was wiped out and was no longer traded on the open market. In August 2013, FriendFinder's stock was delisted from [[Nasdaq]] because it consistently failed to trade for more than $1.<ref>{{cite news|title=Penthouse magazine owner files for bankruptcy|url=http://www.latimes.com/business/money/la-fi-mo-penthouse-magazine-owner-files-for-bankruptcy,0,581995.story|newspaper=LA Times|access-date=September 18, 2013|first=Stuart|last=Pfeifer|date=September 17, 2013}}</ref>

As of 2015, General Media Communications, Inc. publishes entertainment magazines and operates as a subsidiary of FriendFinder Networks Inc.<ref name=2014GMCBloomberg>{{cite web|author=<!--Staff writer(s); no by-line.-->|title=Media: Company Overview of General Media Communications, Inc.|url=http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapid=7731657|archive-url=https://web.archive.org/web/20130604000830/http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=7731657|url-status=dead|archive-date=June 4, 2013|publisher=Bloomberg Business Week|access-date=April 2, 2014}}</ref>

===Ownership change===
In February 2016, Penthouse Global Media – a new company headed by Penthouse Entertainment managing director Kelly Holland – acquired the ''Penthouse'' brand from FriendFinder Networks.<ref name="hp-spinout">{{cite web|title=Penthouse Wants You To Reclaim Your Vagina|url=http://www.huffingtonpost.com/sandra-lamorgese-phd/penthouse-sexual-liberation_b_11471944.html|website=Huffington Post|date=August 20, 2016|access-date=14 November 2016}}</ref>

Penthouse Global Media filed for [[Chapter 11 bankruptcy]] on January 11, 2018 to address debt-related issues.<ref>{{cite web |title=Penthouse Magazine Publisher Files Bankruptcy a Third Time |url=https://www.bloomberg.com/news/articles/2018-01-12/penthouse-global-media-files-for-bankruptcy-in-california |website=Bloomberg.com |access-date=6 June 2018 |language=en |date=12 January 2018}}</ref>

Penthouse Global Media, Inc. were acquired by WGCZ Ltd., operators of [[XVideos]],<ref name="biglawbusiness.com"/> on June 4, 2018 after winning a bankruptcy auction for US$11.2 million; other companies, such as [[MindGeek]], also participated in the auction.<ref name="avn">{{cite web |first=Mark |last=Kernes |title=Penthouse Bankruptcy Auction Results in New Ownership |url=https://avn.com/business/articles/legal/after-yesterdays-bankruptcy-auction-penthouse-has-a-new-owner-779541.html |website=[[avn.com]] |access-date=6 June 2018 |date=5 June 2018}}</ref> Penthouse Global Media, Inc. was later spun off from WGCZ and renamed Penthouse World Media.