Playboy reaches a 1.22 billion US dollar agreement with UTG Group to sell 50% equity stake in its Chinese business.

Playboy announced on February 9th that it has signed a final agreement with UTG Group to sell 50% of its equity in China business. UTG will fully manage the operations of Playboy in mainland China, Hong Kong, and Macau after the completion of the transaction. According to the agreement terms, Playboy will receive a total of 122 million US dollars in cash: 45 million US dollars will be paid over two years as consideration for UTG's acquisition of 50% of the equity in the joint venture for Playboy's China business; 67 million US dollars will be the minimum guaranteed dividends for eight years; plus an additional 10 million US dollars in brand support funds over the next three years.