PLBY Group Announces Strategic Partnership with Byborg Enterprises SA
PLBY Group has announced a strategic partnership with Byborg Enterprises SA, featuring two key components. First, Byborg will purchase 14.9 million newly issued shares at $1.50 per share, totaling $22.35 million, with closing expected by November 8, 2024. Second, the companies signed a non-binding LOI for Byborg to license Playboy's digital IP and operate certain digital businesses, with $300 million in minimum guaranteed payments over 15 years.
The partnership aims to develop new revenue streams including AI services and webcam products. Starting 2025, PLBY will appoint a Byborg-nominated director and add a new independent director. Byborg's total holdings will be capped at 29.99%, with an initial one-year lock-up period for the purchased shares.
PLBY Group ha annunciato una partnership strategica con Byborg Enterprises SA, che prevede due componenti chiave. In primo luogo, Byborg acquisterà 14,9 milioni di azioni appena emesse a $1,50 per azione, per un totale di $22,35 milioni, con la chiusura prevista entro l'8 novembre 2024. In secondo luogo, le aziende hanno firmato una lettera di intenti non vincolante per permettere a Byborg di acquisire in licenza la proprietà intellettuale digitale di Playboy e gestire alcune attività digitali, con $300 milioni di pagamenti minimi garantiti nel corso di 15 anni.
La partnership ha l'obiettivo di sviluppare nuove fonti di reddito, inclusi servizi di intelligenza artificiale e prodotti per webcam. A partire dal 2025, PLBY nominerà un direttore designato da Byborg e aggiungerà un nuovo direttore indipendente. Le partecipazioni totali di Byborg saranno limitate al 29,99%, con un periodo iniziale di lock-up di un anno per le azioni acquistate.
PLBY Group ha anunciado una asociación estratégica con Byborg Enterprises SA, que cuenta con dos componentes clave. Primero, Byborg comprará 14.9 millones de acciones recién emitidas a $1.50 por acción, totalizando $22.35 millones, con el cierre esperado para el 8 de noviembre de 2024. Segundo, las empresas firmaron una carta de intención no vinculante para que Byborg obtenga una licencia de la propiedad intelectual digital de Playboy y opere ciertos negocios digitales, con $300 millones en pagos garantizados mínimos durante 15 años.
La asociación tiene como objetivo desarrollar nuevas fuentes de ingresos que incluyen servicios de inteligencia artificial y productos de cámara web. A partir de 2025, PLBY nombrará a un director designado por Byborg y agregará un nuevo director independiente. Las participaciones totales de Byborg estarán limitadas al 29.99%, con un período inicial de bloqueo de un año para las acciones adquiridas.
PLBY Group는 Byborg Enterprises SA와 전략적 파트너십을 발표했습니다. 이 파트너십은 두 가지 주요 요소로 구성됩니다. 첫째, Byborg는 14.9백만 개의 새로운 발행 주식을 주당 $1.50에 구매하여 총 $22.35백만 달러에 달하며, 거래 종료는 2024년 11월 8일로 예정되어 있습니다. 둘째, 두 회사는 Byborg가 플레이보이의 디지털 지적 재산을 라이센스하고 특정 디지털 비즈니스를 운영하도록 하기 위한 비구속 LOI를 체결했습니다. 이 계약은 15년간 최소 $3억의 보장된 지급금을 포함합니다.
이번 파트너십의 목표는 AI 서비스 및 웹캠 제품을 포함한 새로운 수익원을 개발하는 것입니다. 2025년부터 PLBY는 Byborg가 지명한 이사를 임명하고 새로운 독립 이사를 추가할 예정입니다. Byborg의 총 보유 지분은 29.99%로 제한되며, 구매한 주식에는 초기 1년의 락업 기간이 설정됩니다.
PLBY Group a annoncé un partenariat stratégique avec Byborg Enterprises SA, comprenant deux composantes clés. Premièrement, Byborg achètera 14,9 millions d'actions nouvellement émises au prix de 1,50 $ par action, pour un total de 22,35 millions $, avec une clôture prévue d'ici le 8 novembre 2024. Deuxièmement, les entreprises ont signé une lettre d'intention non contraignante permettant à Byborg de licencier la propriété intellectuelle numérique de Playboy et d'exploiter certaines activités numériques, avec des paiements garantis minimum de 300 millions $ sur 15 ans.
Ce partenariat vise à développer de nouvelles sources de revenus, y compris des services d'intelligence artificielle et des produits de webcam. À partir de 2025, PLBY nommera un directeur désigné par Byborg et ajoutera un nouveau directeur indépendant. La participation totale de Byborg sera limitée à 29,99 %, avec une période de blocage initiale d'un an pour les actions achetées.
PLBY Group hat eine strategische Partnerschaft mit Byborg Enterprises SA angekündigt, die aus zwei wichtigen Komponenten besteht. Erstens wird Byborg 14,9 Millionen neu ausgegebene Aktien zu einem Preis von 1,50 $ pro Aktie kaufen, was insgesamt 22,35 Millionen $ ergibt, mit einem Abschluss, der bis zum 8. November 2024 erwartet wird. Zweitens unterzeichneten die Unternehmen eine unverbindliche Absichtserklärung, damit Byborg die digitale IP von Playboy lizenziert und bestimmte digitale Geschäfte betreibt, mit garantierten minimalen Zahlungen von 300 Millionen $ über einen Zeitraum von 15 Jahren.
Das Ziel der Partnerschaft ist die Entwicklung neuer Einnahmequellen, einschließlich KI-Dienste und Webcam-Produkte. Ab 2025 wird PLBY einen von Byborg nominierten Direktor ernennen und einen neuen unabhängigen Direktor hinzufügen. Der Gesamtanteil von Byborg wird auf 29,99% begrenzt, wobei für die gekauften Aktien eine anfängliche Sperrfrist von einem Jahr gilt.
- Strategic investment of $22.35 million through share purchase at $1.50 per share
- Guaranteed minimum payments of $300 million over 15 years ($20M annually)
- Additional profit-sharing agreement based on performance
- Transition towards asset-light business model
- Share dilution through issuance of 14.9 million new shares
- Licensing agreement is currently non-binding
- Lock-up period restricts share liquidity for one year
Insights
This strategic partnership marks a significant transformation for PLBY Group with two major components: a
The deal structure indicates a shift toward an asset-light model, potentially improving PLBY's balance sheet and operational efficiency. The standstill agreement capping Byborg's ownership at
The partnership's focus on AI services and digital assets positions PLBY for significant technological advancement. Byborg's expertise in digital entertainment, evidenced by their 70 million daily visitors, provides PLBY with immediate access to scaled digital infrastructure and proven monetization channels. The integration of Playboy's brand with Byborg's technology could create innovative digital products and experiences, potentially opening new revenue streams in the growing digital entertainment sector.
Byborg Enterprises Agrees to Purchase 14.9 Million Shares of PLBY at
Byborg Enterprises Signs Non-Binding LOI to License Digital IP and Operate Select Playboy Digital Assets with a Commitment of
LOS ANGELES, Oct. 31, 2024 (GLOBE NEWSWIRE) -- PLBY Group, Inc. (NASDAQ: PLBY) (“PLBY Group” or the “Company”), owner of Playboy, one of the most recognizable and iconic brands in the world, announced today the signing of a significant equity investment by Byborg Enterprises SA (“Byborg”), a privately held premium online entertainment company that is redefining the future of human interaction and reshaping digital relationships through innovative technology.
Strategic Investment
Byborg has agreed to purchase (directly or through an affiliate) 14.9 million newly issued, unregistered shares of common stock of PLBY Group for a price of
Licensing Agreement
Concurrently, Byborg and PLBY Group signed a non-binding letter of intent (“LOI”) providing that the parties will work together on an exclusive basis to negotiate and execute a definitive agreement pursuant to which Byborg would license certain Playboy digital intellectual property and operate certain Playboy digital businesses. Core to the contemplated strategic partnership is pursuing additional new revenue streams, including artificial intelligence services, webcam products and other initiatives which will leverage existing Byborg intellectual property. The LOI includes
Ben Kohn, Chief Executive Officer of PLBY Group commented, “Our strategic relationship will combine the rich heritage of the Playboy brand with one of the best premium online entertainment companies in the market. I am most excited about the new products Byborg has developed and how the Playboy brand can bring those to mass audiences. The proposed transaction also represents one of the most significant steps to date in our transition to an asset light business model.”
“Playboy is one of the most iconic lifestyle brands recognized worldwide, resonating across generations,” said Andras Somkuti, Managing Director of Byborg Enterprises SA. “Investing in PLBY Group and collaborating to enhance the brand and its assets for greater reach presents an exciting opportunity for us. We see tremendous potential to grow existing businesses, develop innovative products, create captivating experiences, and drive substantial growth.”
The shares will be subject to a lock-up period of one year. In connection with the equity purchase commitment and the licensing agreement, Byborg may purchase additional shares of common stock and has entered into a standstill agreement capping its total holdings in PLBY Group at
Additional details about the transactions will be included in a Form 8-K to be filed with the Securities and Exchange Commission.
About Byborg Enterprises SA
Headquartered in Luxembourg, Byborg Enterprises SA is a privately held premium online entertainment company that is redefining the future of human interaction and reshaping digital relationships through innovative technology. Founded with a global mindset, the company aims to reach every corner of the world. With over 70 million daily visitors engaging with their streaming and technology products, Byborg Enterprises SA facilitates seamless interaction among people 24/7. More information is available at https://www.byborgenterprises.com/.
About PLBY Group, Inc.
PLBY Group, Inc. is a global pleasure and leisure company connecting consumers with products, content, and experiences that help them lead more fulfilling lives. PLBY Group’s flagship consumer brand, Playboy, is one of the most recognizable brands in the world, driving billions of dollars in global consumer spending, with products and content available in approximately 180 countries. PLBY Group’s mission—to create a culture where all people can pursue pleasure—builds upon over 70 years of creating groundbreaking media and hospitality experiences and fighting for cultural progress rooted in the core values of equality, freedom of expression and the idea that pleasure is a fundamental human right. Learn more at http://www.plbygroup.com.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. The Company’s actual results may differ from their expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect”, “estimate”, “project”, “budget”, “forecast”, “anticipate”, “intend”, “plan”, “may”, “will”, “could”, “should”, “believes”, “predicts”, “potential”, “continue”, and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company’s expectations with respect to future performance, growth plans and anticipated financial impacts of its strategic opportunities and corporate transactions. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Factors that may cause such differences include, but are not limited to: (1) the inability to maintain the listing of the Company’s shares of common stock on Nasdaq; (2) the risk that the Company’s completed or proposed transactions disrupt the Company’s current plans and/or operations, including the risk that the Company does not complete any such proposed transactions or achieve the expected benefits from any transactions; (3) the ability to recognize the anticipated benefits of corporate transactions, commercial collaborations, commercialization of digital assets, cost reduction initiatives and proposed transactions, which may be affected by, among other things, competition, the ability of the Company to grow and manage growth profitably, and the Company’s ability to retain its key employees; (4) costs related to being a public company, corporate transactions, commercial collaborations and proposed transactions; (5) changes in applicable laws or regulations; (6) the possibility that the Company may be adversely affected by global hostilities, supply chain delays, inflation, interest rates, foreign currency exchange rates or other economic, business, and/or competitive factors; (7) risks relating to the uncertainty of the projected financial information of the Company, including changes in the Company’s estimates of cash flows and the fair value of certain of its intangible assets, including goodwill; (8) risks related to the organic and inorganic growth of the Company’s businesses, and the timing of expected business milestones; (9) changing demand or shopping patterns for the Company’s products and services; (10) failure of licensees, suppliers or other third-parties to fulfill their obligations to the Company; (11) the Company’s ability to comply with the terms of its indebtedness and other obligations; (12) changes in financing markets or the inability of the Company to obtain financing on attractive terms; and (13) other risks and uncertainties indicated from time to time in the Company’s annual report on Form 10-K, including those under “Risk Factors” therein, and in the Company’s other filings with the Securities and Exchange Commission. The Company cautions that the foregoing list of factors is not exclusive, and readers should not place undue reliance upon any forward-looking statements, which speak only as of the date which they were made. The Company does not undertake any obligation to update or revise any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.
Specifically, the release contains forward-looking statements regarding the negotiation and execution of licensing and other agreements, and the anticipated benefits of those agreements. We cannot assure you that we will enter into such agreements or receive the full benefits thereof.
Contact:
Investors: FNK IR – Rob Fink / Matt Chesler, CFA – investors@plbygroup.com
Media: press@plbygroup.com
This press release was published by a CLEAR® Verified individual.
FAQ
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