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Playboy: It's All About The Strategy (Again)
Playboy, Inc. has stabilized its balance sheet and returned to positive adjusted EBITDA in 2025, reducing bankruptcy risk. PLBY management is considering selling Honey Birdette, despite its reasonable performance, to further deleverage, raising questions about the company's long-term public market viability. PLBY's strategy pivots between rebuilding the brand through new media and club ventures and the possibility of going private, but execution credibility remains in doubt.
