Financial History
In an effort to raise cash and to reduce debt, Penthouse sold its portfolio of several automotive magazine titles in 1999 for $33 million cash to Peterson Automotive, the national automotive-publishing group. While these titles were successful, it is widely reported that the science and health magazines Omni and Longevity cost Penthouse almost $100 million, contributing to its eventual financial troubles.
Read more about this topic: Penthouse (magazine)
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