New Playboy CEO Wants To Swing With More Partners

As CEO, Flanders said he will listen to any serious bidders, but stressed he is more interested in attracting business partners to license Playboy's bunny logo and other assets.

Licensing accounted for about 14 percent of Playboy's 2008 revenue of $292 million, which Flanders believes barely taps the potential of a world-famous brand created by the elder Hefner, who remains Playboy's chief creative officer and largest shareholder.

Flanders thinks the 18-month-recession will make it easier to lure new partners because "more companies are more open to new opportunities in times like this."

Still, Flanders knows he will have his hands full as long as the economy is sagging.

Like other owners of print publications and broadcast media, Playboy's revenue has been plummeting as more advertising shifts to the Internet and the recession crunches marketing budgets.

With revenue falling more than 20 percent during the first three months of the year, Playboy suffered a first-quarter loss of $13.7 million. That followed a $156 million setback last year.

Flanders has been dealing with some of the same challenges at Freedom Communications, whose 33 daily newspapers are anchored by The Orange County Register in southern California.