Playboy 15% Share Buyback

On Playboy’s Honey Birdette website, from the new Mariana collection: Bra, $145; Panty, $105; and Garter Belt, $165.

In late June Playboy, announced a transaction with a private investment group whereby it is acquiring a block of its own shares representing almost 15% of those outstanding, at a price that was a “28% discount to market values” when the deal was announced. Playboy is paying a fixed price of $1.05 per share, for a total of 16.6 million shares, in a series of payments that began with $2.0 million paid when the agreement was executed, to be followed by a series of installments to conclude by December 31, 2026. When we published on June 30 PLBY shares were trading at $1.28.

Playboy CEO Ben Kohn, CEO stated: “we believe the intrinsic value of the company is considerably higher than today’s price and therefore this was an extremely compelling capital opportunity, and we moved decisively to seize it,” adding, “the transaction is immediately accretive to earnings per share.”