Playboy's Not So Energized Bunny

The brand's efforts on TV and online are stalling

First it was exclusive clubs and buxom bunnies. Then came casinos and licensed products. And more recently it has been cable-TV channels and online "mansion parties." For 47 years, Playboy Enterprises Inc. has been quick to shuffle strategies to keep its aging brand alive, even as readership for its flagship magazine has plummeted. But now, with the Nov. 14 announcement of yet another loss and the cancellation of a long-expected initial public offering, the outfit's newest game plan--a mixture of Internet and TV--is looking like roadkill.

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