You guys are all missing the mark with the Playboy discussion. Sure, the stock is in the shitter. Sure, Hef owns a controlling majority. Sure, the brand has seen better days. **BUT** the brand is still worth far more than the revolving credit facility and the company is far from worthless. Everybody knows the Playboy logo. Everybody.

The fact is that Playboy is a mainstream company with tentacles in publishing, adult DTC video, vod, ppv, cable network programming, interactive, apparel, jewelry, housewares and casinos. There isn't one other adult enterprise that wouldn't want to be as big a monstrosity as Playboy.

As a media company, they are having trouble navigating the physical to digital transition, just like everybody else but I haven't seen any of their vanilla sex videos wind up pirated on free clip sites. They may have been late to the interactive and VOD markets, but they're expanding there now. The one thing that they have fucked up is not getting into high-end strip clubs. They should open one in Vegas and fix that.