Young Guccione Tries to Keep Spin Alive; for Two Years, Dad's Penthouse International Poured Money into the Music Magazine. with the Funds Cut off, Guccione Seeks Backers

By Angelo, Jean | Folio: the Magazine for Magazine Management, November 1987 | Go to article overview

Young Guccione Tries to Keep Spin Alive; for Two Years, Dad's Penthouse International Poured Money into the Music Magazine. with the Funds Cut off, Guccione Seeks Backers


Angelo, Jean, Folio: the Magazine for Magazine Management


Young Guccione tries to keep Spin alive

"Reports of our death were greatly exaggerated.'

That's the word from Robert Guccione Jr., 31, publisher of Spin. No matter that Penthouse International Ltd. (PI) announced earlier this year that it would no longer publish the rock music magazine with 150,000 paid circulation. No matter that Guccione no longer has use of Penthouse offices and circulation and marketing support. And no matter that Guccione, at the time FOLIO: caught up with him, was suspending publication, and was closemouthed about who might give him financial backing for starting up again. Spin, he says, will publish a November /December issue.

At the time of the interview, Guccione was working out of a borrowed office in a Manhattan advertising agency. A piece of wisdom was tacked to a nearly naked bulletin board: "Anger is useless; humor moves mountains; listening is giving; speaking is learning; honesty is magic.'

Guccione seems to be living by this credo. His words betray no bitterness toward his father or other PI executives. He is quick to say that he loves his father, is immensely proud of him, and vows that there is nothing in the world he wouldn't do for him. He adds, though, that they "are not drinking buddies at the moment.'

PI's corporate statement says that Spin was folded because of poor circulation performance. PI initially gave Guccione $150,000 to launch the magazine, although Guccione claims he actually started Spin with his own $35,000. "I bounced my last check two days before PI agreed to finance me,' he says. Over the last two years, PI invested $2.5 million, in addition to lending the magazine office space and circulation and marketing support. Despite those resources, Spin's only profitable issue was January 1987.

Guccione Sr. failed to return FOLIO:'s calls regarding the matter.

Staying alive

Guccione is wasting no time looking back. He has already leased new office space and has approached potential investors, but will not disclose who they are. He's also notified advertisers not to give up hope, since he intends to publish a November/December issue. …

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