Most people know Dan Staton as a commercial real estate investor from Cincinnati. That was, of course, until he and a group of investors offered to buy Penthouse Magazine out of bankruptcy. The group has a plan to revive the magazine's sagging sales numbers by expanding the brand into TV and the Internet, among other things, reports the Cincinnati Post. Staton and his group would also change the tone of Penthouse.
Staton described the current Pent-house as "hardcore, awful" and said his group plans to turn it into something edgy, political, "a lot softer, — one that you can buy in Cincinnati.""The whole deal is to soften the content and make it relevant to today's readers," he said.
Staton and Marc Bell, who is partnering with Staton on the deal, now own 90 percent of Penthouse, as recently approved by a bankruptcy court in New York. The reorganization plan proposed by Staton and Bell is currently being challenged by a major Penthouse shareholder, who we're told has the support of Bob Guccione, Penthouse's founder.
This post was originally posted at Hundred Acres, the world's first real estate community weblog.
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