PLBY Group Closes Strategic Partnership with Byborg Enterprises SA

Core Viewpoint - PLBY Group has formalized a long-term exclusive licensing agreement with Byborg Enterprises, which includes a minimum guaranteed payment of $300 million over 15 years, aimed at expanding the Playboy brand and transitioning to a more profitable asset-light business model [1][3][4] Licensing Agreement - Byborg will license certain Playboy digital intellectual property and operate Playboy Plus, Playboy TV, and the Playboy Club, with annual minimum guaranteed payments of$20 million for a total of $300 million over the initial 15-year term [3] - The agreement allows for up to nine 10-year extensions based on Byborg achieving specific operational milestones [3] Securities Purchase Agreement - PLBY Group has entered into a securities purchase agreement with Byborg, selling$25 million in newly issued shares at $1.50 per share, contingent on the stock price being at or below$1.65 prior to a special meeting of stockholders [4][5] - If the stock price exceeds $1.65, Byborg can amend the terms to purchase shares at 90$22.35 million, with a lock-up period ending November 5, 2025, and will have a director appointed to PLBY Group starting in 2025 [7] Company Background - PLBY Group is a global pleasure and leisure company, with Playboy as its flagship brand, recognized worldwide and driving significant consumer spending [9] - Byborg Enterprises is a premium online entertainment company with over 70 million daily visitors, focusing on innovative technology and digital relationships [8]