Magazine promises to let people masturbate the good old-fashioned way

Penthouse magazine’s print edition lives!

That’s the word from Chief Executive Kelly Holland, whose Penthouse Global Media recently purchased the title from FriendFinder Networks.

“Absolutely, we’re staying in print,” Holland told Media Ink on Thursday.

FriendFinder last month had fired the entire New York publishing staff — including longtime Editor Barbara Rice — fueling speculation that the title, newly relocated to Los Angeles, was going all digital.

“We have a long-term commitment to this magazine,” she said. “We can make it profitable.”

Holland said that as soon as the deal closed on Feb. 19, she shipped the April issue to the printer.

Raphie Aronowitz, who had worked for the fashion designer Ecko and at Complex magazine, according to Holland, is Penthouse’s new editor.

“Most of the production work is being outsourced to our Australian partner, who can do the work at 20 percent of the cost of doing it in the United States,” Holland said.

Layout, design and copy editing will all be done Down Under by Filthy Gorgeous Media, headed by Damien Costos, she said.

Holland is pushing hard to develop Penthouse digital — which she said languished under the old ownership.

In addition, Holland is working on deals for 10 Penthouse cable channels to supplement the 13 licensed clubs, including one in New York.

While staying in print, Penthouse will drop its production schedule to 10 times a year from 11.

Penthouse Letters, which publishes adult-themed fiction with erotic pictures, will chop three issues and publish just 10 times annually.

While Playboy recently abandoned full frontal nudity, Penthouse has no plans to go that route, Holland said.

“The bunny took a big nosedive off a cliff,” she said. “I think it will go down as the biggest brand debacle of the decade.”