PLBY Group Closes Strategic Partnership with Byborg Enterprises SA
PLBY Group has finalized a strategic partnership with Byborg Enterprises SA, featuring a 15-year exclusive licensing agreement worth $300 million in minimum guaranteed payments. The deal includes Byborg licensing Playboy's digital IP and operating Playboy Plus, Playboy TV, and Playboy Club, with annual payments of $20 million against 25% of net profits.
Additionally, Byborg commits to purchase $25 million of new PLBY shares at $1.50 per share, subject to stockholder approval. The partnership aims to leverage Byborg's 70 million daily visitors and technology expertise to expand Playboy's reach and transition to an asset-light business model, with expected completion by June 30, 2025.
PLBY Group ha finalizzato una partnership strategica con Byborg Enterprises SA, caratterizzata da un accordo di licenza esclusiva di 15 anni del valore di 300 milioni di dollari in pagamenti minimi garantiti. L'accordo prevede che Byborg conceda in licenza la proprietà intellettuale digitale di Playboy e gestisca Playboy Plus, Playboy TV e Playboy Club, con pagamenti annuali di 20 milioni di dollari contro il 25% dei profitti netti.
Inoltre, Byborg si impegna ad acquistare 25 milioni di dollari di nuove azioni PLBY a 1,50 dollari per azione, soggetto all'approvazione degli azionisti. La partnership mira a sfruttare i 70 milioni di visitatori giornalieri di Byborg e la sua esperienza tecnologica per espandere il raggio d'azione di Playboy e passare a un modello di business leggeri, con completamento previsto entro il 30 giugno 2025.
PLBY Group ha finalizado una asociación estratégica con Byborg Enterprises SA, que incluye un acuerdo de licencia exclusivo de 15 años por un valor de 300 millones de dólares en pagos mínimos garantizados. El acuerdo incluye que Byborg otorgue licencia a la propiedad intelectual digital de Playboy y opere Playboy Plus, Playboy TV y Playboy Club, con pagos anuales de 20 millones de dólares contra el 25% de las ganancias netas.
Además, Byborg se compromete a adquirir 25 millones de dólares en nuevas acciones de PLBY a 1,50 dólares por acción, sujeto a la aprobación de los accionistas. La asociación tiene como objetivo aprovechar los 70 millones de visitantes diarios de Byborg y su experiencia tecnológica para expandir el alcance de Playboy y hacer la transición a un modelo de negocio más ligero, con una finalización esperada para el 30 de junio de 2025.
PLBY Group는 Byborg Enterprises SA와 전략적 파트너십을 체결하였으며, 이는 3억 달러의 최소 보장 지급이 포함된 15년 독점 라이선스 계약입니다. 이 계약은 Byborg가 Playboy의 디지털 지적 재산을 라이선스하고 Playboy Plus, Playboy TV 및 Playboy Club을 운영하는 내용을 포함하며, 연간 2천만 달러 지급액과 순이익의 25%를 상계하도록 되어 있습니다.
또한 Byborg는 주주 승인 조건 하에 주당 1.50 달러의 가격으로 PLBY의 신규 주식을 2천5백만 달러 구매하기로 약속했습니다. 이 파트너십은 Byborg의 일일 방문자 수 7천만 명과 기술 전문성을 활용하여 Playboy의 도달 범위를 확장하고 자산 경량 비즈니스 모델로 전환하는 것을 목표로 하며, 2025년 6월 30일까지 완공될 예정입니다.
PLBY Group a finalisé un partenariat stratégique avec Byborg Enterprises SA, comprenant un accord de licence exclusif de 15 ans d'une valeur de 300 millions de dollars en paiements garantis minimum. L'accord inclut que Byborg licence la propriété intellectuelle numérique de Playboy et gère Playboy Plus, Playboy TV et Playboy Club, avec des paiements annuels de 20 millions de dollars contre 25 % des bénéfices nets.
De plus, Byborg s'engage à acheter pour 25 millions de dollars de nouvelles actions PLBY au prix de 1,50 dollar par action, sous réserve de l'approbation des actionnaires. Le partenariat vise à tirer parti des 70 millions de visiteurs quotidiens de Byborg et de son expertise technologique pour élargir la portée de Playboy et passer à un modèle commercial léger, avec une finalisation prévue d'ici le 30 juin 2025.
PLBY Group hat eine strategische Partnerschaft mit Byborg Enterprises SA abgeschlossen, die eine 15-jährige exklusive Lizenzvereinbarung im Wert von 300 Millionen Dollar mit Mindestgarantiezahlungen umfasst. Der Deal beinhaltet, dass Byborg die digitale IP von Playboy lizenziert und Playboy Plus, Playboy TV und Playboy Club betreibt, mit jährlichen Zahlungen von 20 Millionen Dollar und 25% der Nettogewinne.
Darüber hinaus verpflichtet sich Byborg, neuer PLBY-Aktien im Wert von 25 Millionen Dollar zu einem Preis von 1,50 Dollar pro Aktie zu erwerben, vorbehaltlich der Zustimmung der Aktionäre. Die Partnerschaft zielt darauf ab, die 70 Millionen täglichen Besucher von Byborg und die Technologieexpertise zu nutzen, um die Reichweite von Playboy zu erweitern und auf ein leichtgewichtiges Geschäftsmodell umzustellen, mit einer Fertigstellung, die bis zum 30. Juni 2025 erwartet wird.
- Strategic licensing deal guarantees $300M minimum payments over 15 years
- Additional $25M equity investment commitment from Byborg
- Access to Byborg's 70M daily site visitors for audience expansion
- Transition to asset-light business model expected to reduce costs
- Potential for new revenue streams through AI dating and webcam products
- Equity sale at $1.50 per share may be dilutive to existing shareholders
- Transition period until June 2025 may impact short-term performance
- Dependence on Byborg for digital operations execution
Insights
Byborg Enterprises Licenses Digital IP and Select Playboy Digital Assets for
Byborg Commits to Buy A Minimum of
LOS ANGELES, Dec. 16, 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 that it has formalized and expanded its relationship with 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. Specifically, PLBY Group has closed the previously announced long-term, exclusive licensing agreement, and signed an additional securities purchase agreement with Byborg Enterprises.
Ben Kohn, Chief Executive Officer of PLBY Group, commented, “Partnering with Byborg aligns the Playboy brand and content with a proven operator of premium online entertainment. Byborg has an established track record of growing audiences, monetizing content, and leveraging proprietary technology to create new and compelling revenue streams. Together with Byborg’s 70 million daily site visitors, I am confident we will expand the Playboy brand to new and significant audiences. Additionally, by licensing our brand and allowing Byborg to operate our legacy adult sites, linear TV channel and the Playboy Club, our creator platform, we will accelerate our transition to a more profitable asset-light business model. Once the transition is completed (expected to be by June 30, 2025), we will focus on expanding our licensing business and investing in our brand. We expect to take significant costs out of PLBY Group, achieve meaningful EBITDA and be cash flow positive. Core to the contemplated strategic partnership is pursuing additional new revenue streams, including AI dating and experiences, webcam products and other initiatives, which will leverage existing Byborg intellectual property.”
Andras Somkuti, Managing Director of Byborg Enterprises SA, commented, “Playboy is one of the largest and most recognizable brands in the world. It has always been one of the top lifestyle brands and the premium brand in the NSFW space. Coupling our outstanding technology, products and management expertise with such a strong brand is a winning combination. We believe there is significant potential to expand audiences, introduce meaningful new revenue streams, develop innovative products and deliver substantial growth. Given that potential, we are also pleased to increase our shareholding in PLBY Group through an additional equity commitment.”
Licensing Agreement
Pursuant to the licensing agreement, Byborg will license certain Playboy digital intellectual property and operate Playboy Plus, Playboy TV (both linear and digital) and the Playboy Club. The agreement includes
Securities Purchase Agreement
In addition, PLBY Group entered into a securities purchase agreement (the “SPA”) with an affiliate of Byborg (the “Purchaser”), pursuant to which the Company would sell to the Purchaser
In the event that the market price of the Company’s common stock is above
The purchase and sale of the additional stock in both cases would be subject to PLBY Group’s stockholders voting in favor of the deal at a special meeting to be called for such purpose, and is expected to close promptly following such approval.
As previously announced on November 5, 2024, the Purchaser purchased 14.9 million newly issued, unregistered shares of common stock of PLBY Group for a price of
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.
Contact:
Investors: FNK IR – Rob Fink / Matt Chesler, CFA – investors@plbygroup.com
Media: press@plbygroup.com
FAQ
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