Playboy (PLA) Shares Tumble On Talks Breakdown (ICON, ENQ)
By Benzinga Staff
December 16, 2009 12:40 PM
December 16, 2009 12:40 PM
Playboy Enterprises’ (NYSE: PLA)(FREE stock trend analysis) parleys with Iconix Media Group (NASDAQ: ICON)(FREE stock trend analysis) have come to a standstill.
The contentious issue happens to be that of separation of the Playboy brand and its other assets. The markets greeted the news by pushing down Playboy shares by 16% while Iconix’s shares rose by 1%.
Playboy previously announced that it would be outsourcing all the operations except the editorial to American Media (NYSE: ENQ) in an effort to cut costs and to return the magazine back to profitability.
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