BUZZ-PLBY Group gains on deal with Byborg Enterprises

Reuters2024-12-16

** Shares of Playboy brands owner Plby Group PLBY.O rise 15% to $1.62 premarket

** Co enters into partnership with online entertainment company Byborg Enterprises

** Under the deal, Byborg Enterprises will license digital intellectual property and operate Playboy Plus, Playboy TV (both linear and digital) and the Playboy Club for $300 million

** The transition is expected to be completed by June 30

** The agreement includes $20 million in annual minimum guaranteed payments to PLBY over the initial 15-year term

** Byborg to buy a minimum of $25 million of additional equity from PLBY

** Up to last close, PLBY stock up 41% YTD

(Reporting by Priyanka.G in Bengaluru)

((priyanka.g@thomsonreuters.com;))

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