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     <!-- Project:        I:\CONVER\ny13489.eep                                            -->
     <!-- Control Number: ny13873                                                          -->
     <!-- Rev Number:     057930/26                                                        -->
     <!-- Client Name:    Playboy Enterprises, Inc.                                        -->
     <!-- Project Name:   8-K                                                              -->
     <!-- Firm Name:      Jon-Michael A. Wheat                                             -->
     <TITLE>Playboy Enterprises, Inc.</TITLE>
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<TD><H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION <BR>
WASHINGTON, DC 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=3>CURRENT
REPORT <BR>
Pursuant to Section 13 or 15(d) of the <BR>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): January 14, 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 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Exact
Name of Registrant as Specified in 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>
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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<BR>File Number) </FONT></TD>
<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(IRS Employer<BR> Identification No.) </FONT></TD>
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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>
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<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>
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     <TD WIDTH="600" ALIGN="CENTER"><HR NOSHADE SIZE=1 WIDTH=60%></TD></TR>
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     <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>
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 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></TD>
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<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>
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<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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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item
1.01. Entry into a Material Definitive Agreement.</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
January 14, 2005, the Board of Directors of Playboy Enterprises, Inc. (the
&#147;Company&#148;) adopted amendments to (i) the Playboy Enterprises, Inc. 1991
Non-Qualified Stock Option Plan for Non-Employee Directors, as amended (the &#147;1991
Plan&#148;), (ii) the Second Amended and Restated Playboy Enterprises, Inc. 1995 Stock
Incentive Plan (the &#147;1995 Plan&#148;) and (iii) the Amended and Restated 1997 Equity
Plan for Non-Employee Directors of Playboy Enterprises, Inc. (together with the 1991 Plan
and the 1995 Plan, the &#147;Plans&#148;). The amendments permit the Compensation
Committee of the Board of Directors the discretion to allow option holders under the Plans
to pay the exercise price of options by forfeiting a portion of the option for shares with
a value equal to the applicable exercise price (and any applicable tax withholding
amount).</FONT></TD></TR>
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<TD><H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURES </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;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>
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    <TD WIDTH="6%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Date:&nbsp;&nbsp;  <!-- TYPE "DATE:" HERE--> </FONT></TD>
    <TD WIDTH="46%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;January 18, 2005 </FONT></TD>
    <TD WIDTH="48%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">PLAYBOY ENTERPRISES, INC.<!-- COMPANY --> </FONT></TD>
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    <TD WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="39%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; <!-- 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/ Howard Shapiro <!-- NAME --> </FONT></TD>
  </TR>
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    <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>
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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">Howard Shapiro<BR>
Executive Vice President,<BR>
Law and Administration,<BR>
General Counsel and Secretary<BR></FONT></TD>
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{"company-data": {"conformed-name": "PLAYBOY ENTERPRISES INC", "cik": "0001072341", "assigned-sic": "4841", "irs-number": "364249478", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-14790", "film-number": "05534113"}, "business-address": {"street1": "680 NORTH LAKE SHORE DRIVE", "city": "CHICAGO", "state": "IL", "zip": "60611", "phone": "3127518000"}, "mail-address": {"street1": "680 NORTH LAKE SHORE DR", "city": "CHICAGO", "state": "IL", "zip": "60611"}, "former-company": {"former-conformed-name": "NEW PLAYBOY INC", "date-changed": "19981020"}}
Playboy Enterprises, Inc.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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): January 14, 2005
PLAYBOY
ENTERPRISES, INC.
(Exact
Name of Registrant as Specified in 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))
Item
1.01. Entry into a Material Definitive Agreement.
On
January 14, 2005, the Board of Directors of Playboy Enterprises, Inc. (the
"Company") adopted amendments to (i) the Playboy Enterprises, Inc. 1991
Non-Qualified Stock Option Plan for Non-Employee Directors, as amended (the "1991
Plan"), (ii) the Second Amended and Restated Playboy Enterprises, Inc. 1995 Stock
Incentive Plan (the "1995 Plan") and (iii) the Amended and Restated 1997 Equity
Plan for Non-Employee Directors of Playboy Enterprises, Inc. (together with the 1991 Plan
and the 1995 Plan, the "Plans"). The amendments permit the Compensation
Committee of the Board of Directors the discretion to allow option holders under the Plans
to pay the exercise price of options by forfeiting a portion of the option for shares with
a value equal to the applicable exercise price (and any applicable tax withholding
amount).
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.
Date:
January 18, 2005
PLAYBOY ENTERPRISES, INC.
By:
/s/ Howard Shapiro
Howard Shapiro
Executive Vice President,
Law and Administration,
General Counsel and Secretary