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Playboy Enterprises (PLA), publisher of the namesake men’s magazine and operator of the Playboy Channel, said it withdrew a public offering of a minority interest in its online business because of weak market conditions.
Playboy, whose shares have lost half their value this year, will explore other financing options for Playboy.com, including possible equity investments, spokeswoman Angela De Paul said. The Chicago-based company plans to proceed with the public offering when market conditions improve.
Playboy’s Class A shares fell 44 cents to close at $11.94 in NYSE trading Tuesday.
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