German sex-shop chain bids for Penthouse

29th January 2004, Comments 0 comments

29 January 2004 , FLENSBURG - The German erotic products company Beate Uhse disclosed Thursday that it has made a USD 62 million (EUR 49 million) offer to buy the US company General Media, publishers of "Penthouse" magazine. Flensburg-based Beate Uhse said that the offer made to General Meida is part of the company's drive to become an international player in the worldwide market for erotic publications. In August 2003 General Media had to file for court protection under the US Chapter 11 bankruptcy laws.

29 January 2004

FLENSBURG - The German erotic products company Beate Uhse disclosed Thursday that it has made a USD 62 million (EUR 49 million) offer to buy the US company General Media, publishers of "Penthouse" magazine.

Flensburg-based Beate Uhse said that the offer made to General Meida is part of the company's drive to become an international player in the worldwide market for erotic publications.

In August 2003 General Media had to file for court protection under the US Chapter 11 bankruptcy laws. A number of US investors have shown interest in the company, with Beate Uhse so far the only European company entering the bidding.

"With this offer we are determinedly purusing our policy of international expansion," said board spokesman Otto Christian Lindemann.

Most recently, Beate Uhse - the name comes from woman who founded the company after World War II - purchased the Dutch sex shop chain Christine le Duc.

The Beate Uhse group now has 291 sex shops in 10 countries and the mail-order business Pabo in nine countries, with the company now seeking to expand into the US market for erotic mail-order articles.

"With the purchase (of General Media) we would be expanding our activities into the media sector," Lindemann said, adding that this would trigger many "promising" effects for Beate Uhse's retail and mail-order businesses.

In 2003, Beate Uhse posted pre-tax profits of EUR 18.8 million, on revenues of EUR 260 million.

DPA
Subject: German news 

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