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     <!-- Project Location: I:\CONVER\ny14127.eep                                            -->
     <!-- Project Number: NY14127                                                          -->
     <!-- Attorney  :     B. Foster                                                        -->
     <!-- Client Name:    Playboy Enterprises, Inc.                                        -->
     <!-- Project Name:   NY14127 - 8-K                                                    -->
     <TITLE>8-K</TITLE>
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<TD><H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION <BR>
Washington, D.C. 20549 </FONT></H1></TD></TR>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>FORM
8-K  </FONT></H1></TD></TR>
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<TD><H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CURRENT
REPORT <BR>
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934  </FONT></H1></TD></TR>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date
of Report (Date of earliest event reported): March 8, 2005  </FONT></TD></TR>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Playboy Enterprises, Inc. </FONT></H1></TD></TR></TABLE>

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<TD><HR SIZE=1 NOSHADE WIDTH=60% ALIGN=CENTER></TD></TR></TABLE>

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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Exact
name of registrant as specified in its charter) </FONT></TD></TR>
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<TD ALIGN=CENTER WIDTH=33%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Delaware<!-- STATE--> </FONT></TD>
<TD ALIGN=CENTER WIDTH=34%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>001-14790<!-- FILE NO.--> </FONT></TD>
<TD ALIGN=CENTER WIDTH=33%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36-4249478<!-- IRS NO.--> </FONT></TD>
</TR>
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<TD ALIGN=CENTER><HR SIZE=1 NOSHADE WIDTH=90%></TD>
<TD ALIGN=CENTER><HR SIZE=1 NOSHADE WIDTH=90%></TD>
<TD ALIGN=CENTER><HR SIZE=1 NOSHADE WIDTH=90%></TD>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(State or other jurisdiction<BR>of incorporation)
</FONT></TD>
<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Commission File Number) </FONT></TD>
<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(IRS Employer Identification No.) </FONT></TD>
</TR>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>680
North Lake Shore Drive, Chicago, Illinois 60611 </FONT></TD></TR>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Address
of Principal Executive Offices) (Zip Code) </FONT></TD></TR>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Registrant's
telephone number, including area code: (312) 751-8000 </FONT></TD></TR>
</TABLE>
<BR>


<TABLE WIDTH="600" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TD WIDTH="600" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Not Applicable.<!-- FORMER NAME OR ADDRESS --></FONT></TD></TR>
<TR VALIGN="MIDDLE">
     <TD WIDTH="600" ALIGN="CENTER"><HR NOSHADE SIZE=1 WIDTH=60%></TD></TR>
<TR VALIGN="TOP">
     <TD WIDTH="600" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
(Former name or former address, if changed since last report) </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions (<I>see</I> General Instruction A.2. below):  </FONT></TD></TR>
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<TD WIDTH=4%><font face="wingdings"> &#168; </font></TD>
<TD WIDTH=96%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></TD>
</TR>
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<TD WIDTH=4%><font face="wingdings"> &#168; </font></TD>
<TD WIDTH=96%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></TD>
</TR>
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<TD WIDTH=4%><font face="wingdings"> &#168; </font></TD>
<TD WIDTH=96%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)) </FONT></TD>
</TR>
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<TD WIDTH=4%><font face="wingdings"> &#168; </font></TD>
<TD WIDTH=96%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c)) </FONT></TD>
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<BR></TD></TR></TABLE>
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<TD><H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Section&nbsp;7&#151;Regulation
FD </FONT></H1></TD></TR>
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<TD>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item
7.01.&nbsp;&nbsp;&nbsp; Regulation FD Disclosure.</FONT></H1></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February&nbsp;22, 2005, Playboy Enterprises, Inc. (&#147;Playboy&#148;) announced that its
wholly owned subsidiary PEI Holdings, Inc. had commenced a cash tender offer and a consent
solicitation with respect to all $80&nbsp;million of its 11% Senior Secured Notes due 2010
(the &#147;Notes&#148;). As of the consent deadline on March&nbsp;7, 2005, all
$80&nbsp;million of the Notes had been tendered with consents. The total amount to be paid
in respect of the tendered notes is approximately $94.9&nbsp;million in cash, based on
consideration of $1,186.68, which includes a consent payment of $20, for each $1,000
principal amount of Notes tendered. </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Completion
of the tender offer and consent solicitation is subject to the satisfaction of certain
conditions, including receipt of requisite consents, which condition has been satisfied,
and availability of sufficient financing to complete the tender offer and consent
solicitation. </FONT></TD></TR>
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<BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
a press release issued on March&nbsp;8, 2005, Playboy announced that it intends to offer
in a private offering, subject to market conditions and other factors, $100 million
aggregate principal amount of convertible senior subordinated notes due 2025. Playboy
expects that the issuance of these new notes, if completed, would satisfy the financing
condition for the completion of the tender offer. A copy of the press release is attached
hereto as Exhibit 99.1. </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Playboy
expects to record in the first quarter of 2005 a cash charge of approximately
$14.9&nbsp;million relating to the purchase of the Notes and the payment of consent fees
in the tender offer, assuming that the purchase of the tendered Notes is completed by the
end of the first quarter of 2005. Additionally, Playboy expects to record a noncash charge
of approximately $4.1 million related to the write-off of unamortized financing and
professional fees resulting from the purchase of the Notes in the tender offer. </FONT></TD></TR>
</TABLE>
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<TD>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Section&nbsp;9&#151;Financial
Statements and Exhibits </FONT></H1></TD></TR>
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<TD>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item
9.01.&nbsp;&nbsp;&nbsp; Financial Statements and Exhibits.</FONT></H1></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)&nbsp;&nbsp;&nbsp;&nbsp;<I>Exhibits</I>.  </FONT></TD></TR></TABLE><BR>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.1 </FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Press
Release issued by Playboy Enterprises, Inc. on March 8, 2005. </FONT></TD>
</TR>
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<BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
information set forth in this Current Report on Form 8-K under &#147;Item 7.01. Regulation
FD Disclosure&#148; and &#147;Item 9.01 Financial Statements and Exhibits,&#148; including
in each case the Exhibit attached hereto, shall not be deemed &#147;filed&#148; for
purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed
incorporated by reference in any filing under the Securities Act of 1933, except as shall
be expressly set forth by specific reference in such filing. </FONT></TD></TR></TABLE><BR>


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<TD><H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURES </FONT></H1></TD></TR>
</TABLE>
<BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized. </FONT></TD></TR>
</TABLE>
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  <TR VALIGN="BOTTOM">
    <TD WIDTH="6%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> &nbsp;&nbsp;  <!-- TYPE "DATE:" HERE--> </FONT></TD>
    <TD WIDTH="46%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;  </FONT></TD>
    <TD WIDTH="48%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">PLAYBOY ENTERPRISES, INC.<!-- COMPANY --> </FONT></TD>
  </TR>
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  <TR VALIGN="BOTTOM">
    <TD WIDTH="39%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">March 8, 2005 </FONT></TD>
    <TD WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> <!-- DATE--> </FONT></TD>
    <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: </FONT></TD>
    <TD WIDTH="43%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;/s/  Martha O. Lindeman <!-- NAME --> </FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD>&nbsp; </TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD> <HR NOSHADE SIZE="1"> </TD>
  </TR>
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    <TD WIDTH="57%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="43%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> Martha O. Lindeman<BR>
Senior Vice President,<BR>
Corporate Communications and<BR>
Investor Relations</FONT></TD>
</TR>
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<BR><BR>


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<TD><H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXHIBIT
INDEX </FONT></H1></TD></TR>
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<TD WIDTH=13%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Exhibit<BR>
<U>Number</U> </B> </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U> Description</U></B> </FONT></TD>
</TR>
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<TD WIDTH=13%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.1  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Press
Release issued by Playboy Enterprises, Inc. on March 8, 2005. </FONT></TD>
</TR>
</TABLE>
<BR>

</BODY>
</HTML>
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8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): March 8, 2005
Playboy Enterprises, Inc.
(Exact
name of registrant as specified in its charter)
Delaware
001-14790
36-4249478
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
680
North Lake Shore Drive, Chicago, Illinois 60611
(Address
of Principal Executive Offices) (Zip Code)
Registrant's
telephone number, including area code: (312) 751-8000
Not Applicable.
(Former name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions (
see
General Instruction A.2. below):
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Section 7—Regulation
FD
Item
7.01.    Regulation FD Disclosure.
On
February 22, 2005, Playboy Enterprises, Inc. ("Playboy") announced that its
wholly owned subsidiary PEI Holdings, Inc. had commenced a cash tender offer and a consent
solicitation with respect to all $80 million of its 11% Senior Secured Notes due 2010
(the "Notes"). As of the consent deadline on March 7, 2005, all
$80 million of the Notes had been tendered with consents. The total amount to be paid
in respect of the tendered notes is approximately $94.9 million in cash, based on
consideration of $1,186.68, which includes a consent payment of $20, for each $1,000
principal amount of Notes tendered.
Completion
of the tender offer and consent solicitation is subject to the satisfaction of certain
conditions, including receipt of requisite consents, which condition has been satisfied,
and availability of sufficient financing to complete the tender offer and consent
solicitation.
In
a press release issued on March 8, 2005, Playboy announced that it intends to offer
in a private offering, subject to market conditions and other factors, $100 million
aggregate principal amount of convertible senior subordinated notes due 2025. Playboy
expects that the issuance of these new notes, if completed, would satisfy the financing
condition for the completion of the tender offer. A copy of the press release is attached
hereto as Exhibit 99.1.
Playboy
expects to record in the first quarter of 2005 a cash charge of approximately
$14.9 million relating to the purchase of the Notes and the payment of consent fees
in the tender offer, assuming that the purchase of the tendered Notes is completed by the
end of the first quarter of 2005. Additionally, Playboy expects to record a noncash charge
of approximately $4.1 million related to the write-off of unamortized financing and
professional fees resulting from the purchase of the Notes in the tender offer.
Section 9—Financial
Statements and Exhibits
Item
9.01.    Financial Statements and Exhibits.
(c)
Exhibits
.
99.1
Press
Release issued by Playboy Enterprises, Inc. on March 8, 2005.
The
information set forth in this Current Report on Form 8-K under "Item 7.01. Regulation
FD Disclosure" and "Item 9.01 Financial Statements and Exhibits," including
in each case the Exhibit attached hereto, shall not be deemed "filed" for
purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed
incorporated by reference in any filing under the Securities Act of 1933, except as shall
be expressly set forth by specific reference in such filing.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.
PLAYBOY ENTERPRISES, INC.
March 8, 2005
By:
/s/  Martha O. Lindeman
Martha O. Lindeman
Senior Vice President,
Corporate Communications and
Investor Relations
EXHIBIT
INDEX
Exhibit
Number
Description
99.1
Press
Release issued by Playboy Enterprises, Inc. on March 8, 2005.