14.9M-Share Holding in Playboy (PLBY) Reported by Luxembourg Entities

Rhea-AI Filing Summary

Playboy, Inc. reporting persons Docler Holding S.a r.l., Byborg Enterprises S.A. and The Million S.a. r.l., each disclose shared voting and dispositive power over 14,900,000 shares of common stock, representing 13.9% of the outstanding class based on 107,548,055 shares reported by the issuer. All three entities are organized in Luxembourg and report no sole voting or dispositive power over the shares. The cover-page figures are incorporated by reference and the filing restates Item 5(a) to reflect the ownership percentage calculation. The filing lists the issuer's principal executive offices as 10960 Wilshire Blvd., Suite 2200, Los Angeles, California.

Insights

Financial Analyst

TL;DR: Three Luxembourg entities collectively report a material 13.9% position (14.9M shares) in Playboy, a meaningful minority stake for investors to note.

The disclosed 14,900,000 shares equal 13.9% of common stock on a 107,548,055-share basis, which is a sizeable non-controlling stake that can influence shareholder votes when coordinated. The filing shows shared voting and dispositive power and no sole voting power, indicating ownership is exercised collectively rather than by a single entity. Source-of-funds codes (AF, WC) are reported for the respective reporting persons, but the filing does not provide transaction timing, price paid, or intent beyond the ownership figures. For valuation or market-impact analysis, traders will compare the stake size to typical trading volumes and potential strategic motives, neither of which are detailed here.

Corporate Governance Expert

TL;DR: The schedule shows coordinated shared control over a material minority position, raising governance relevance without signaling takeover intent.

The three reporting persons each report identical shared voting and shared dispositive power over the same 14.9M shares, implying an organized group alignment. Such coordination can affect proxy contests or board-related votes if the group acts in concert, though the filing does not state any plan to seek board representation or operational changes. The absence of sole voting power suggests decisions are not concentrated in one entity, but combined voting influence remains significant at 13.9%. The filing does not disclose litigation, exemptions, or exclusions to the aggregate amount.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 3)

Playboy, Inc.

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

72814P109

(CUSIP Number)

Raffaele Zucca Alessandrelli
44 avenue John F. Kennedy,
Grand Duchy of Luxembourg, N4, L-1855
352 261 11 81

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

08/25/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 72814P109

1

Name of reporting person

Docler Holding S.a r.l.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

LUXEMBOURG

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 14,900,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 14,900,000.00

11

Aggregate amount beneficially owned by each reporting person

14,900,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

13.9 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 72814P109

1

Name of reporting person

Byborg Enterprises S.A.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

LUXEMBOURG

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 14,900,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 14,900,000.00

11

Aggregate amount beneficially owned by each reporting person

14,900,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

13.9 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 72814P109

1

Name of reporting person

The Million S.a. r.l.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

LUXEMBOURG

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 14,900,000.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 14,900,000.00

11

Aggregate amount beneficially owned by each reporting person

14,900,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

13.9 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $0.0001 per share
(b)	Name of Issuer: Playboy, Inc.
(c)	Address of Issuer's Principal Executive Offices: 10960 Wilshire Blvd., Suite 2200, Los Angeles, CALIFORNIA , 90024.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) of the Schedule 13D is hereby amended and restated as follows: The information set forth in rows 11 and 13 of the cover pages to this Schedule 13D is incorporated by reference. The percentages set forth in row 13 were calculated based on 107,548,055 shares of Common Stock outstanding, as reported by the Issuer in its Current Report on Form 8-K filed with the Securities and Exchange Commission on August 25, 2025.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Docler Holding S.a r.l.

Signature:	/s/ Raffaele Zucca Alessandrelli
Name/Title:	Raffaele Zucca Alessandrelli/Class B Manager
Date:	08/26/2025

Byborg Enterprises S.A.

Signature:	/s/ Raffaele Zucca Alessandrelli
Name/Title:	Raffaele Zucca Alessandrelli/Director
Date:	08/26/2025

The Million S.a. r.l.

Signature:	/s/ Raffaele Zucca Alessandrelli
Name/Title:	/s/ Raffaele Zucca Alessandrelli/Sole Manager
Date:	08/26/2025

FAQ

How many Playboy (PLBY) shares do the reporting persons claim to own?

The reporting persons each report beneficial ownership of 14,900,000 shares.

What percentage of PLBY does 14,900,000 shares represent?

The filing states this represents 13.9% of common stock based on 107,548,055 shares outstanding.

Who are the reporting persons on the Schedule 13D/A for PLBY?

The reporting persons are Docler Holding S.a r.l., Byborg Enterprises S.A., and The Million S.a. r.l., all organized in Luxembourg.

Do the reporting persons have sole voting control over the shares?

No. The filing reports 0 shares of sole voting power and 14,900,000 shares of shared voting power.

Does the filing state any legal proceedings or exclusions to the aggregate amount?

The filing does not disclose required legal proceedings and indicates no exclusions to the aggregate amount.