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Hef jumps to rescue ailing site; Favorable loan terms help Playboy diversify.(News)(Playboy.com receives rescue funds from Hugh Hefner)
Crain's Chicago Business, November, 2002 by Mullman, Jeremy
Byline: JEREMY MULLMAN The original playboy is bailing out the online one. Playboy Enterprises Inc. founder Hugh Hefner has lent the Chicago-based company's money-hemorrhaging Playboy.com $25 million since 2001 and purchased a small percentage of the Internet business for an additional $5 million.
In September, after Playboy.com was unable to meet a payment deadline, he extended the loans and slashed the interest rates, according to a recent Securities and Exchange Commission filing. Christie Hefner, Playboy chairman and CEO and Mr. Hefner's daughter, says the site will break even this quarter and generate a profit next year. Analysts say a profitable Web business could boost Playboy's thinly traded stock. If that happens, Ms. Hefner can thank her largest...
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