Another publishing company has been warned of possible delisting by the New York Stock Exchange because of its declining market capitalization.
Playboy Enterprises Inc. said in a Securities and Exchange Commission filing that it had received notice from the NYSE that it is not in compliance with the exchange's listing criteria, because its average market cap over a 30-day trading period fell below $75 million and that its shareholders‚ equity dipped below $75 million. Playboy's market cap was listed today as $69.5 million.
Playboy said it would comply with NYSE's requirement that it submit a plan to the Exchange detailing how it expects to comply with the listing standard within the next 18 months.
No. 3 U.S. newspaper company The McClatchy Co., whose papers include the Sacramento Bee, Miami Herald and Kansas City Star, also was warned by the NYSE that it faced possible delisting for falling below the $75 million market cap requirement. McClatchy reported the delisting notice on April 14.
The economic recession has wreaked havoc on the nation's newspapers and magazines as advertisers have slashed spending in print media.