PLBY Group Inc. (PLBY), parent of Playboy, said Tuesday its board has authorized a $50 million share buyback program, after securing financing via a private placement of preferred stock. "This repurchase program reflects our confidence in our reimagined Playboy brand, transformed business model, and progress against our long-term growth objectives," Chief Executive Ben Kohn said in a statement. Shares were up 4.7% premarket, but have fallen 67% in the year to date, while the S&P 500 has fallen 16%.
(END) Dow Jones Newswires
May 17, 2022 08:36 ET (12:36 GMT)
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