NEWPORT BEACH, Calif.—AVN has received the following announcement regarding a "bankruptcy sale" of the entire assets of Penthouse Global Media, Inc.:
On January 11, 2018, Penthouse Global Media, Inc. and fourteen (14) of its subsidiaries (collectively, the "Company” or "Penthouse") filed for bankruptcy in the United States Bankruptcy Court for the Central District of California, San Fernando Valley Division, jointly administered under Case No. 1:18-bk-10098-MB. David Gottlieb is the duly appointed and acting Chapter 11 Trustee in the Company's bankruptcy cases (the "Trustee"). In connection with the transaction, the Trustee retained Broadway Advisors, LLC to market the Company’s assets for sale via §363 of the Bankruptcy Code and the process approved by the Bankruptcy Court. The Trustee entered into an Asset Purchase Agreement (“APA”) with a stalking horse bidder and that APA has been filed with the Bankruptcy Court. The transaction outlined in the APA is subject to competitive bidding and the Bankruptcy Court has approved guidelines and requirements for the bidding process and sale auction.
The Opportunity
Founded by Bob Guccione in 1965, Penthouse has led the way in the adult entertainment industry for over 50 years. With a diverse and well-established asset portfolio, and longstanding relationships around the world, the Penthouse assets are an opportunity to leverage a distinctive name, a loyal customer base, an established licensing business, and a half century worth of historic content.
The following assets are included in the auction:
Publishing
Penthouse Magazine & Letters
Broadcasting/Programming
Operates four (4) channels and licenses content
in 100+ countries
Licensing
50+ current licensing agreements and opportunities to expand the brand
Photos and Memorabilia
Films
1,200+ titles, including cult classic Caligula
An auction for qualified bidders is scheduled to take place on June 4, 2018. All qualified bids must be received by the Trustee no later than Wednesday, May 30, 2018 at 5 PM (PT). For complete terms and provisions regarding the sale, please refer to the APA. Bid procedures, APA, and diligence materials are available. Execution of a non-disclosure agreement (NDA) will be required.
Click here to read more about the Penthouse Global Media, Inc. Acquisition Opportunity. If you are interested in learning more about the assets and the sale process, please contact Alfred Masse, Managing Principal of Broadway Advisors, LLC at [email protected].
