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To: John Plasky who wrote (6375)	1/10/2000 2:09:00 PM
From: Sir Auric Goldfinger	Respond to of 10354

Playboy.com, Adult Web Site, Files for Initial Stock Sale Playboy.com Inc., the Web unit of the Playboy Enterprises Inc., filed with the Securities and Exchange Commission for an $50 million initial stock sale. The Chicago-based adult entertainment company is headed by Christie Hefner, the 47-year old daughter of Hugh Hefner, who created Playboy magazine from his kitchen table in 1953. The magazine now has about 3 million U.S. readers. Playboy Enterprises shares rose 1 15/16 to 25 5/16 in early afternoon trading. Playboy.com was started in 1994 and targets the lifestyle interests of young men, offering a range of adult-oriented entertainment and e-commerce. The site conducts auctions, which allow bidders to buy Playboy-branded merchandise and admission to Playboy events, such as lingerie shows and holiday parties at the famed Playboy mansion in Holmby Hills. Playboy.com also operates Cyberspice.com, which offers adult entertainment under the Spice Entertainment brand, a pay-per-view adult channel which was purchased by Playboy last year. ``We believe that we are uniquely positioned to provide the leading online destination addressing the entertainment and lifestyle needs of young men around the world,' the company said in its filing. The Playboy CyberClub, a subscription based Web site offering access to chat rooms and interviews with the magazine's signature centerfold models, had more than 37,000 subscribers as of last November, the company said in its filing. Playboy.com had more than 100 million page views and 16 million visits to its Web site as of Nov. 30, the company said. Net Loss Playboy.com reported a net loss of $7.2 million on revenue of $6.7 million for the nine months ending Sept. 30, compared with a loss of $4.6 million on revenue of $3.8 million for the corresponding period last year. The company said it had accumulated a deficit of $20.7 as of Sept. 30, 1999. The company, which relies on advertising and subscription fees for the majority of its revenue, said it would face stiff competition from other sports, fashion and adult Web sites targeting young men. The firm also said it would have to compete with its parent for subscribers. Playboy.com said it would use proceeds of the stock sale for general corporate purposes, which could include working capital, sales and marketing expansion, enhancement of the Web site material, and may use some of the proceeds to acquire other businesses, though it has no specific plans at present. Playboy.com didn't list a price for its shares or set a total number of shares to be sold to the public. That's usually revealed in a subsequent filing. It didn't say how much a stake the parent company would own after the shares are offered to the public. Christie Hefner is the company's acting chief executive of Playboy.com. She has been chairman and chief executive of Playboy Enterprises since November 1988. The company hired Credit Suisse First Boston, Bear, Stearns & Co. and Banc of America Securities LLC to underwrite the stock sale. The company wants to trade on the Nasdaq Stock Market under the symbol PBOY.