GlobeNewswire·Mar 23, 2026, 9:01 AM ET

Playboy Closes China Licensing Joint Venture Deal with United Trademark Group

Playboy, Inc. completed the initial closing of a transaction to sell 50% of its China business to UTG Brands Management Group on March 20, 2026.
UTG acquired a 16.67% equity interest in the joint venture managing Playboy's intellectual property in China, Hong Kong, and Macau in exchange for $15 million.
Playboy used the $15 million transaction proceeds to immediately pay down its senior secured debt.
The Company expects to receive an additional $30 million for UTG's acquisition of a further 33.33% equity interest, along with $6 million in brand support payments, by January 2028.
Playboy received a $4 million brand support payment at the initial closing and will begin receiving guaranteed minimum joint venture distributions.
The transaction includes guaranteed minimum JV distributions totaling at least $62 million paid to Playboy through 2033.
The deal advances Playboy's asset-light strategy by transferring operational management of the China business to UTG while retaining economic upside through its equity stake.
CEO Ben Kohn stated the transaction secures $122 million in contracted cash payments to strengthen the balance sheet.
UTG is a global consumer brands leader headquartered in Hong Kong, managing over 10 brands with more than $1.5 billion in annual retail sales.