the company said at the time the magazine has not turned a profit since 2008. In 2013, Penthouse’s current owner, FriendFinder Networks, also filed for bankruptcy and stopped being publicly traded.
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Guccione died of lung cancer in 2010, having lost much of his Penthouse fortune on a series of bad investments and risky ventures, including the production of the X-rated film Caligula in 1979, which flopped at the box office. He also created Penthouse Forum, the pocket-size magazine that played off the success of the racy letters to the editor.īut with the advent of video and later the Internet, Guccione's once-lucrative business began coming apart at the seams, until in 2004 he was forced to file for bankruptcy. Guccione's $4billion empire under the General Media Inc umbrella included book publishing and merchandising divisions and Viva, a magazine featuring male nudes aimed at a female audience. Williams, who went on to fame as a singer and actress, was forced to relinquish her title after the release of the issue, which sold nearly 6 million copies and reportedly made $14million. Two years later, the stag mag made intentional headlines when it published nude photos of Vanessa Williams, the first African-American woman to be crowned Miss America. Multimillionaire: In its heyday, Penthouse's circulation routinely surpassed 5 million copies a month, earning its publisher, pictured here in 1972, a spot on the Forbes 400 ranking of the wealthiest people in the world In its heyday, Penthouse's circulation routinely surpassed 5 million copies a month, earning its publisher a spot on the Forbes 400 ranking of the wealthiest people in the world with a net worth of $400million in 1982. Four years later, the magazine rolled out its first US edition, billing itself as a raunchier alternative to Heffner's Playboy.
Penthouse was founded in 1965 the UK by American porn baron Bob Guccione. As condition of the sale, the magazine's 89-year-old founder would be allowed to continue living there for the rest of his life. Playboy is scheduled to unveil its redesigned print edition, sans naked centerfolds, in March.Įarlier this month, Playboy put Heffner's legendary Playboy Mansion on the market with an asking price of $200million.
The drastic move comes three months after Penthouse's former arch-rival, Hugh Heffner's Playboy Magazine, announced that it will stop featuring nude photos of women after more than 60 years of publication. The cover of the January 2016 issue of Penthouse featured adult film actress Christiana Cinn as Penthouse Pet of the Month. 'Reimagined for the preferred consumption of content today by consumers, the digital version of Penthouse Magazine will combine and convert everything readers know and love about the print magazine experience to the power of a digital experience.' 'This will be a new way for its readers to experience the world's best adult magazine,' the company stated to Wall Street Journal. This month's cover featured Penthouse Pet of the Month Christiana Cinn (pictured)įriendFinder, which also owns several online dating websites, sought to put a positive spin on the decision to do away with Penthouse Magazine’s print edition, saying in a statement Friday that the change is necessary 'to keep Penthouse competitive in the future.' Farewell, stag mag: Penthouse Magazine has announced it will be ending its print edition after 50 years on the newsstands.
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