NEW YORK ( TheStreet) -- Bob Guccione, the founder of Penthouse magazine, died on Wednesday after a long battle with cancer. He was 79. His family announced that Guccione passed at Plano Specialty Hospital in Plano, Texas on Wednesday.
Guccione founded Penthouse in 1965 and debuted the publication in the U.S. in 1969. By the 1980s he had become a millionaire. In 1982 he was listed on the Forbes 400 list of wealthiest people with a net worth of about $400 million. He eventually lost his fortune and in 2006 General Media, the then publisher of Penthouse, filed for bankruptcy. Guccione resigned as chairman and CEO of Penthouse International. Penthouse's main competitors include Playboy ( PLA) magazine and Hustler, which is owned by Larry Flynt Publications. Penthouse is now owned and published by the private company FriendFinder Networks, formerly known as Penthouse Media Group. -- Written by Theresa McCabe in Boston. >To contact the writer of this article, click here: Theresa McCabe. >To follow the writer on Twitter, go to @TheresaMcCabe. >To submit a news tip, send an email to: firstname.lastname@example.org.