LIVE FROM THE HEADLINES
Anderson's Final Thought: Since When is Porn a Money Loser?
Aired August 25, 2003 - 19:58 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
ANDERSON COOPER, CNN ANCHOR: And my final thought: Penthouse goes belly up, and not in a good way.
Yes, I'm talking about the publisher of Penthouse magazine filing for bankruptcy. And yes, I'm about to indulge in some innuendoes. Won't you please join me?
For instance, this time it's the publisher losing the shirt off his back. Thank you very much. See how easy it is? You can play at home. Play along with me, won't you?
The SEC has launched an inquiry into recent financial results and promises an extremely hands-on investigation. Thank you. Thank you very much.
Penthouse used to be a porn publishing powerhouse with 5 million sweaty palmed readers every month. Now it is down to about 500,000. Things are so bad behind the scenes, the company's auditor stepped down. Now I ask you, how bad do things have to be for an accountant to say he doesn't want to work at Penthouse anymore? Pretty bad. Some observers are saying the company needs a reorganization plan that goes beyond moving the red head into the middle of the sandwich. Not only is this the first time Penthouse has been in Chapter 11, it's believed few of its models have ever even read a Chapter 11.
But don't worry, Bambi and Thumper. Even if Penthouse goes under, there's always plenty of porn on the Internet.
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