In this Business Breakdown, David Barbato and “uzocapital” sit down with Playboy’s (PLBY) CEO Ben Kohn.

This discussion took place live on July 8th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join

Ben Kohn is CEO of Playboy, Inc. (PLBY), a role he's held since 2018 after two decades in private equity, including as a managing partner at Rizvi Traverse, the firm that took Playboy private in 2011.

In this conversation, Kohn breaks down Playboy's shift to an asset-light licensing model and the economics behind its two largest deals: the partnership with Byborg Enterprises, which turned a $2 million adult-content business into $20 million a year in guaranteed royalties, and the agreement with UTG to sell up to 50% of Playboy's China IP for $122 million over eight years. He details the company's debt paydown from $220 million to $108 million, the new paid-voting Playmate franchise and subscription business, plans for a Playboy Club in Miami Beach, and the future of Honey Birdette within the portfolio. Kohn also discusses lessons from Playboy's SPAC-era overexpansion and how that's shaped the company's current strategy.

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Chapters

00:00 Introduction to Playboy's Transformation

04:40 Ben Kohn's Background and Playboy's Legacy

07:36 Monetizing the Playboy Brand

10:19 Financial Strategies and Debt Management

13:33 Content as a Revenue Driver

16:27 The Playmate Franchise and New Business Ventures

19:38 Licensing and Strategic Partnerships

22:17 Hospitality and Future Plans

26:08 Honey Birdette and Brand Integration

29:04 Audience Engagement and Voting Contests

31:52 Future Growth and Market Positioning

43:29 Navigating Business Complexity and Debt Management

47:14 Strategic Growth and Store Expansion

48:26 Shareholder Returns and Buyback Strategies

51:56 Licensing Deals and Brand Partnerships

57:55 Innovative Revenue Streams and the Playmate Initiative

01:02:45 Learning from Mistakes and Future Strategies

01:13:03 The Future of the Playboy Brand

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