Word: hefners
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Playboy Publisher Hugh Hefner has batteries of pins in both his Los Angeles and Chicago mansions and is negotiating with Bally, the GM of pin, to produce a Playmate machine with Bunnies on the back glass. (Ironically, D. Gottlieb & Co., Bally's chief rival, produced a model called Playboy back in 1932, when Hef was six years old.) The English, among the world's most passionate pin pushers, trace pinball's origins to the bagatelle board mentioned in Dickens' Pickwick Papers. Abe Lincoln was big on bagatelle. The sheiks of Araby are clamoring...
...including five of the 30 vice presidents. President Derick Daniels circulated a written assurance that "no further planned mass reductions" would occur; understandably, that did not solace the survivors. He called the purge part of a "broad program to reduce administrative overhead and reallocate resources." Added Founder-Chairman Hugh Hefner, 51: "What you are seeing is the final stage of a massive re-evaluation and reorganization...
...downright sickening Hustler, and weighted down by a crazy-quilt diversification pattern (a movie company, a limousine service, hotels, books, a modeling agency), Playboy Enterprises earned only $2 million on sales of $198 million in fiscal 1976, far below its 1973 earnings peak of $11.2 million. A year ago, Hefner hired Daniels, 48, a vice president of the Knight-Ridder chain. Daniels is a onetime newspaperman (city editor, the Miami Herald) and grandson of the late North Carolina publisher Josephus Daniels, who was Secretary of the Navy under Woodrow Wilson. He was reluctant to take on Hefner's problems...
...good; though profits for the fiscal year that ended in June have not been tallied, Hefner says they were at least double fiscal 1976's. For the first nine months of the year, P.E.I, earned $5.6 million on sales of $169 million. But troubles still abound. Playboy magazine cut its circulation guarantee to advertisers from 5.4 million to 4.5 million, beginning with the October issue. Advertising, however, is picking up; the just-closed December issue boasts 154 ad pages, the most ever (although rates have been lowered...
Playboy Enterprises has long written off nearly all of Hefner's lavish living costs as promotional expenses. The Internal Revenue Service has filed a claim against the company for $7.7 million in additional taxes for the years 1970 through 1972; Hefner's expenses, among many other things, are involved. He has put the 54-room Playboy mansion in Chicago up for sale (asking price: $2.5 million) and moved to a 29-room Xanadu in Beverly Hills; Daniels flies out every other week to brief him, but otherwise they rarely confer on day-to-day operations. There is talk...