Multimillionaire:В In its heyday, Penthouse's circulation routinely surpassed 5 million copies a month, earning its publisher, pictured here in 1972, a spot on the Forbes 400 ranking of the wealthiest people in the world In its heyday, Penthouse's circulation routinely surpassed 5 million copies a month, earning its publisher a spot on the Forbes 400 ranking of the wealthiest people in the world with a net worth of $400million in 1982. Four years later, the magazine rolled out its first US edition, billing itself as a raunchier alternative to Heffner's Playboy. Penthouse was founded in 1965 the UK by American porn baron Bob Guccione. As condition of the sale, the magazine's 89-year-old founder would be allowed to continue living there for the rest of his life. Playboy is scheduled to unveil its redesigned print edition, sans naked centerfolds, in March.Д®arlier this month, Playboy put Heffner's legendary Playboy Mansion on the market with an asking price of $200million. The drastic move comes three months after Penthouse's former arch-rival, Hugh Heffner's Playboy Magazine, announced that it will stop featuring nude photos of women after more than 60 years of publication. The cover of the January 2016 issue of Penthouse featured adult film actress Christiana Cinn as Penthouse Pet of the Month. 'Reimagined for the preferred consumption of content today by consumers, the digital version of Penthouse Magazine will combine and convert everything readers know and love about the print magazine experience to the power of a digital experience.'

'This will be a new way for its readers to experience the world's best adult magazine,' the company stated to Wall Street Journal. This month's cover featured Penthouse Pet of the Month Christiana Cinn (pictured)ДЇriendFinder, which also owns several online dating websites, sought to put a positive spin on the decision to do away with Penthouse MagazineвЂ™s print edition, saying in a statement Friday that the change is necessary 'to keep Penthouse competitive in the future.'

The company was cleared to exit bankruptcy later that year.Farewell, stag mag: Penthouse Magazine has announced it will be ending its print edition after 50 years on the newsstands. FriendFinder Networks filed for bankruptcy protection in 2013. The company has faced financial difficulties in recent years. In November, FHM and Zoo followed Loaded and Nuts in folding marking the end of the ladsвЂ™ magazine era as men turn to mobile phones and social media.Д«esides publishing Penthouse, FriendFinder Networks operates a number of adult-oriented social networking sites including, , and. The rise of freely available content on the internet forced a string of magazines to close. The magazine will also relocate its New York operations to the Los Angeles offices of FriendFinder Networks. вЂњReimagined for the preferred consumption of content today by consumers, the digital version of Penthouse magazine will combine and convert everything readers know and love about the print magazine experience to the power of a digital experience вЂ“ giving people an open-ended reading experience, available anytime, anywhere.вЂќ

вЂњThis will be a new way for its readers to experience the worldвЂ™s best adult magazine,вЂќ said FriendFinder chief executive Jonathan Buckheit in a statement. FriendFinder Networks, the magazineвЂ™s parent company, said that subscribers to the print edition will be converted to digital.

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