Penthouse will no longer put out print editions of its monthly adult magazine, shifting its focus instead toward the digital realm after more than 50 years, its publisher announced Friday.

Additionally, Penthouse will also be relocating its operations from Los Angeles to New York City, where its publisher, FriendFinder Network, is headquartered.

“This move will keep Penthouse competitive in the future and will seamlessly combine our unmatched pictorial features and editorial content with our video and broadcast offerings,” said Jonathan Buckheit, the CEO of FriendFinder, an online entertainment company that has operated the magazine since 2007 and managed upwards of 8,000 websites as of 2013 when it too filed for bankruptcy and subsequently stop being traded publicly.

Started in 1965, Penthouse grossed an estimated $4 billion during its first 30 years in business, and founder Bob Guccione at one time owned of the biggest mansions in Manhattan, Rolling Stone reported.

Circulation suffered as the Internet exploded towards the turn of the century, however, and General Media, Penthouse’s former publisher, filed for Chapter 11 bankruptcy protection in 2003. Guccione resigned the following year and died in 2010.

Penthouse is the second major outlet of its type to unveil major restructuring plans in recent months. Fellow adult magazine Playboy said in October that it will stop featuring full nudity in its issue for the first time in its 62-year history due to competition from the Internet.

Sign up for Daily Newsletters Manage Newsletters

Copyright © 2020 The Washington Times, LLC. Click here for reprint permission.