Penthouse International, a pornographic magazine and web site, is published for and delivered to numerous countries around the globe including the United States, Australia, Greece, Holland, Spain, Thailand and the United Kingdom among others. Bob Buccione founded Penthouse in 1965 with the intention of offering an urban lifestyle article, soft-core pornographic pictorial magazine. Initially, Penthouse fell in between Playboy and Hustler in terms of explicitness. Penthouse attempted to maintain a level of reading content. In 1998, Penthouse changed its format to feature sexually explicit pictures. The new format created a decline in subscriptions and newsstand circulation for the magazine. In 2003, General Media, the parent company of Penthouse, filed for Chapter 11-bankruptcy. In October 2004, General Media surfaced from bankruptcy and was renamed the Penthouse Media Group. Penthouse is owned by Marc Bell. Penthouse Media Group issues four monthly publications, produces and distributes videos and offers online content. The company is headquartered in New York City.