BOCA RATON, Fla. — Penthouse Media Group Inc., the publisher of Penthouse Magazine, is announcing that it has closed on a $48 million round of private financing.
Penthouse plans to use the proceeds to build out multiple broadcast networks to compete directly with the Playboy Network, the Playboy-owned Spice network, in addition to New Frontier’s TEN (The Erotic Network). PMGI believes the Penthouse brand and its reputation for providing cutting-edge content and high-quality programming produced for Penthouse’s broadcasting networks, will enable it to not only expand the market, but to capture a significant market share from its competitors as well. “One of Penthouse’s strategic advantages is our unique ability to drive traffic to our broadcast properties from our magazines, web sites, clubs and wireless mediums,” says CEO Marc H. Bell [pictured].
Bell also states that, “The new round of financing is a resounding vote of confidence in PMGI, its management team and our operational plan. With these proceeds, Penthouse will launch Penthouse broadcast networks. To facilitate this, we recently brought James English on board, the former President of the Playboy Entertainment Group and Playboy TV Networks Worldwide. We trust Jim’s creative vision and we are confident in his network broadcasting abilities. A veritable wizard at worldwide distribution, marketing programming and production, Jim’s knowledge and experience will give us a leg-up globally. We’re very pleased that Jim decided to make the move to Penthouse.”
PMGI will distribute Penthouse-branded content to consumers via digital Video-on-Demand and linear pay-per-view and subscription channels. Delivered through cable and satellite throughout North America, Mr. English assures that Penthouse offerings will be competitively priced. The programming will continue Penthouse’s tradition of delivering contemporary content featuring the most incredible women in the world and will be presented exclusively in High Definition. “This is a very exciting time,” cites English, “and yet another opportunity to do what I do best … join content and emerging technologies. The Penthouse brand is known everywhere in the world and now with new ownership, management and funding, Penthouse will bring a much needed shot in the arm to cable and satellite and will set the stage in new arenas such as wireless.”
Over the next several years it is anticipated that Penthouse-branded products will be available in VOD to 100 percent of the market with further extension internationally — launching in Latin America, Europe and Asia. This will complement the global retail distribution of Penthouse programming via home entertainment.