New York- Penthouse magazine owner General Media Inc. has received a $62 million bid for its assets from German adult entertainment company Beate Uhse AG, an offer that would help the New York-based publisher emerge from bankruptcy.
Beate Uhse has yet to formally submit an asset purchase agreement to General Media, though it plans to do so. General Media, a unit of Penthouse International, filed for Chapter 11 bankruptcy protection in August, as competition for adult entertainment from the Internet, retail video stores and cable television left the company unable to pay debts.