Playboy looks to scandal in Brazil to generate buzz

Bloomberg reports that Playboy (NYSE: PLA) is making headlines in Brazil with a cover and centerfold featuring Monica Veloso, the former mistress of a senator under investigation for corruption.

According to Bloomberg, Veloso is just the "latest Brazilian woman to achieve notoriety in the press, then bare all for the magazine. Previous issues featured a soccer line judge who was sacked for poor decisions, a soccer fan who threw fireworks during an international game, and an aide to a senator involved in a 2005 corruption scandal."

If this all seems like a desperate ploy to make magazine relevant and sell copies, it probably is. Playboy stock has been a terrible performer in recent years, as revenue growth has been sporadic at best in the face of increased competition, especially on the internet.

The Playboy brand used to be risque but now it's almost too iconic, even corny. That might work great for a show on E! but is it really the way to sell pornography? The Playboy brand is at a crossroads, but is making some efforts to become more relevant. The company has launched its own social networking site and is moving back into London for the first time in 25 years.

With shares of Playboy in the gutter, it may be a good time to take a look at them -- if you think the turnaround is real.