p*rn magazine chief faces ruin by James Langton p*rn king Bob Guccioni has admitted he is facing financial ruin because of losses from his magazine, Penthouse. The publisher, 71, may have to sell his New York house - Manhattan's largest - and his art collection, which features works by Picasso, Degas and Renoir, to pay his debts. He founded Penthouse in 1965, but circulation has tumbled with competition from internet p*rnography. From a high of five million, it now sells 650,000 copies a month. General Media, the company that owns Penthouse, said last week that it would be unable to meet £10 million debts this year. If it fails to keep up payments on a £40 million overdraft, the Bank of New York will take control and may well close the magazine. Guccioni has used his house and art collection as security for borrowing. Penthouse lost £7 million last year, and his two general interest magazines, Omni and Longevity, both failed.
I find this absolutely hilarious. If Bob Guccione is going broke, then Crackhead Bob from the Howard Stern show must be his financial advisor.
