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):  February 4, 1998


                           Spice Entertainment Companies, Inc.
             (Exact Name of Registrant as specified in its Charter)


         Delaware                        0-21150           11-2917462
(State or other jurisdiction           (Commission      (IRS Employer
   of incorporation)                   File Number)     Identification No.)


         536 Broadway, New York, NY                        10012
------------------------------------------------------------------------------
(Address of Principal Executive Offices)                (Zip Code)


Registrant's telephone number,
including area code:                                 (212) 941-1434

<PAGE>
Item 5.  Other Events.

     On February 4, 1998, Playboy Enterprises, Inc. ("PEI") and Spice
Entertainment Companies, Inc. ("SPICE") issued a Press Release announcing they 
had entered into an agreement whereby PEI will acquire all of the outstanding 
shares of Spice for cash and PEI stock.  Spice shareholders will retain 
ownership of Spice's digital operations center for video and Internet 
broadcasts, certain rights to a library of adult films, and Spice's option to 
acquire the outstanding stock of Emerald Media, Inc.  Consummation of the 
proposed transaction is subject to due diligence review, receipt of necessary
governmental approvals, definitive documentation, working capital and tax
adjustments, approval of the proposed transaction by the Board of Directors of 
PEI and Spice and the stockholders of Spice, receipt of a fairness opinion by 
Spice and other customary closing conditions.  Closing of the transaction is 
expected to occur during the second calendar quarter of 1998, however, there is 
no assurance that any definitive agreement regarding the sale of Spice will be 
reached or that the transaction will be completed.  A copy of the Press Release 
is attached as Exhibit 99.1 hereto and is incorporated by reference.


Item 7.  Financial Statements and Exhibits.

(c)      Exhibits:
       

Exhibit Number     Description
--------------     ---------------------------------------------------  
99.1               Text of Press Release dated February 4, 1998

<PAGE>


                                   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 thereunto duly authorized.


                                           SPICE ENTERTAINMENT COMPANIES, INC.



                                           /s/ Daniel J. Barsky
                                           ------------------------------------
                                           By: Daniel J. Barsky
                                               Senior Vice President, 
                                               Secretary and General Counsel


Dated: February 6, 1998
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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):  February 4, 1998

                           Spice Entertainment Companies, Inc.
             (Exact Name of Registrant as specified in its Charter)

         Delaware                        0-21150           11-2917462
(State or other jurisdiction           (Commission      (IRS Employer
   of incorporation)                   File Number)     Identification No.)

         536 Broadway, New York, NY                        10012
------------------------------------------------------------------------------
(Address of Principal Executive Offices)                (Zip Code)

Registrant's telephone number,
including area code:                                 (212) 941-1434
Item 5.  Other Events.

     On February 4, 1998, Playboy Enterprises, Inc. ("PEI") and Spice
Entertainment Companies, Inc. ("SPICE") issued a Press Release announcing they 
had entered into an agreement whereby PEI will acquire all of the outstanding 
shares of Spice for cash and PEI stock.  Spice shareholders will retain 
ownership of Spice's digital operations center for video and Internet 
broadcasts, certain rights to a library of adult films, and Spice's option to 
acquire the outstanding stock of Emerald Media, Inc.  Consummation of the 
proposed transaction is subject to due diligence review, receipt of necessary
governmental approvals, definitive documentation, working capital and tax
adjustments, approval of the proposed transaction by the Board of Directors of 
PEI and Spice and the stockholders of Spice, receipt of a fairness opinion by 
Spice and other customary closing conditions.  Closing of the transaction is 
expected to occur during the second calendar quarter of 1998, however, there is 
no assurance that any definitive agreement regarding the sale of Spice will be 
reached or that the transaction will be completed.  A copy of the Press Release 
is attached as Exhibit 99.1 hereto and is incorporated by reference.

Item 7.  Financial Statements and Exhibits.

(c)      Exhibits:
       

Exhibit Number     Description
--------------     ---------------------------------------------------  
99.1               Text of Press Release dated February 4, 1998
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 thereunto duly authorized.

                                           SPICE ENTERTAINMENT COMPANIES, INC.

                                           /s/ Daniel J. Barsky
                                           ------------------------------------
                                           By: Daniel J. Barsky
                                               Senior Vice President, 
                                               Secretary and General Counsel

Dated: February 6, 1998