Playboy wins arbitration against ex-licensee New Handong, awarded $81M

Playboy, Inc.

Tribunal ruled PEII's termination of New Handong license lawful; orders ~$81M payment for royalties, termination fee, and marketing expenses.
New Handong must cease all use of Playboy IP; all counterclaims were dismissed.
Payment due by Sept 20, 2025; 8.25% annual interest accrues if not paid.
Playboy will seek enforcement in Chinese courts if New Handong fails to pay; collection not assured.

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