Cincinnati real estate developer Dan Staton and Florida investment partner Marc Bell will control the magazine after next week's scheduled end to the publication's bankruptcy proceedings, the Cincinnati Post reported Thursday.
The pair reportedly want to build the Penthouse brand with cable TV, the Internet and licensing deals while boosting a circulation that has plummeted in recent years.
Staton said his role with Penthouse will be to implement good business practices, hire the right people, and apply "the discipline that you have in any business."
Rosie O'Donnell unveils nearly 50-pound weight loss
Members of Congress to keep receiving porn magazine