PLBY Group To Sell Lovers Business To LV Holding, LLC, A Third Party Unaffiliated With PLBY Group, For A Purchase Price Of ~$13.5M
Portfolio Pulse from Benzinga Newsdesk
PLBY Group, Inc. (NASDAQ:PLBY) has announced that its subsidiary, Playboy Enterprises, Inc., will sell its Lovers business to LV Holding, LLC for approximately $13.5 million. The sale is expected to close in Q4 2023. This move is part of PLBY Group's strategy towards a more capital-light business model focusing on its Playboy brand.
October 05, 2023 | 1:02 pm
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POSITIVE IMPACT
The sale of the Lovers business by PLBY Group could potentially free up capital and allow the company to focus more on its Playboy brand. This could have a positive impact on the company's stock in the short term.
The sale of a business unit often leads to a short-term boost in a company's stock price as it can free up capital for other investments. In this case, PLBY Group's decision to sell the Lovers business could allow the company to focus more on its Playboy brand, which could potentially lead to increased revenues and a boost in the company's stock price.
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IMPORTANCE 75
RELEVANCE 100