Playboy Enterprises (PLA) announced Tuesday that it will outsource all of its publishing operations -- save editorial -- to American Media Inc., reports the Wall Street Journal (subscription required). The Florida-based firm will take the reins on Playboy's production, circulation, advertising sales, marketing, and support functions, in exchange for fees and incentives. No further financial details on the deal were provided.

"Our goal is to focus our resources on what we do best, which is to create compelling content," explained CEO Scott Flanders. "By joining forces with American Media, we will be able to significantly reduce our cost structure and leverage the economies of scale related to manufacturing, distribution and marketing that are available to this large, multi-title publisher."

Playboy (PLA) tends to be associated with the magazine and sex. Not the hardcore, nasty kind, of course -- Playboy has always been more than a tad distinguished, staying above board while the adult entertainment industry has chosen to compete in ways that my editor would delete if I even attempted.

With Iconix said to be interested in acquiring Playboy, it needs to think about where it can win with the ailing brand. The smart move may be to ditch the magazine and move away from sex -- it can't compete in either of these markets. Then, it needs to figure out how to make the brand relevant to everyone not in the Boomer generation ... or treat Playboy as an investment with a clock on it.

Just two years ago, high-flying fashion designer Marc Ecko paid $752,467 for the baseball Barry Bonds used to break Hank Aaron's home run record.

Then, after conducting an online poll to determine the ball's fate, Ecko branded it with an asterisk and shipped it off to the Baseball Hall of Fame in Cooperstown, prompting Bonds himself to call Ecko "stupid" and "an idiot."

After filing for bankruptcy protection a month ago, Eddie Bauer Holdings Inc. (OTC: EBHIQ) is already seeing the suitors line up. Iconix Brand Group Inc. (NASDAQ: ICON), which owns Rocawear, is showing some interest. Hilco Consumer Capital and Gordon Brothers Group LLC are also looking to make a joint offer for the embattled clothing retailer, and Golden Gate Capital is said to be interested. Hudson Capital Partners LLC may throw its hat in the ring, as well.

Tomorrow's the bidding deadline, and there's an auction lined up for Eddie Bauer's assets on Thursday.

Already in the game, CCMP Capital Advisors ponied up $202 million in a "stalking horse bid," meaning that it will make the acquisition if nobody else beats its offer.

For now, Bauer's is living on borrowed time -- and cash. The company got court permission to take a loan for $100 million to keep the operation moving until an acquisition or auction is complete.

The private equity firms rumored to be eyeing Eddie Bauer have retail and apparel companies in their portfolios, which suggests a possibility that the company could be turned around with the right investment and management team. If not, I wonder if they'll sell the window decorations at the auction . . . always wanted my living room to look like a mall.

Here are some highlights from this past week's earnings coverage from BloggingStocks:

• Activision Inc. (NASDAQ: ATVI) posted stellar results on the popularity of Guitar Hero and Transformers.
• Airgas Inc. (NYSE: ARG) beat Q4 estimtates with record earnings and raised its guidance.
• Amkor Technology Inc. (NASDAQ: AMKR) beat Q1 expectations on strong demand for wireless.
• Anadarko Petroleum Corp. (NYSE: APC) reported strong Q1 results that beat Wall Street estimates.
• Barnes Group Inc. (NYSE: B) beat Q1 expectations on its "global reach" and raised its 2008 guidance.
• Coinstar Inc. (NASDAQ: CSTR) beat Q1 expectations and raised its full-year guidance.
• DirecTV Group Inc. (NASDAQ: DTV) posted better-than-expected results and announced share buybacks.
• Double-Take Software (NASDAQ: DBTK) beat Q1 expectations and raised its Q2 and 2008 guidance.
• Goldcorp Inc. (NYSE: GG) profits surged in the first quarter on record high gold prices.
• ICON plc (NASDAQ: ICLR) beat Q1 expectations and raised its full-year guidance.
• Marvel Entertainment Inc. (NYSE: MVL) easily beat Q1 estimates and raised its full-year guidance.
• Molson Coors Brewing Co. (NYSE: TAP) reported a surge in Q1 profits that beat Wall Street estimates.
• Panera Bread Co. (NASDAQ: PNRA) beat Q1 expectations and lifted its Q2 and 2008 forecasts.
• Symantec Corp. (NASDAQ: SYMC) beat Q4 expectations and raised its Q1 outlook.
• Transocean Inc. (NYSE: RIG) Q1 profits more than doubled due to soaring oil prices.
• Unilever (NYSE: UL) posted strong results, with revenues beating estimates for the first time in six years.
• UTStarcom Inc. (NASDAQ: UTSI) released a preliminary guidance well above expectations.
• Walt Disney Co. (NYSE: DIS) posted better-than-expected results on success of its theme parks.

"Irish corporate tax rates are among the lowest in the world because the government tends to tax consumption rather than production," explains Dave Dyer, who poins ouot, "Irish corporations enjoy tax rates as low as 10%, and that has to be a competitive advantage in the global market."

In his The Dave Dyer Newsletter, he looks to one favorite Irish firm, Icon (NASDAQ: ICLR), a contract research organization (CROs) which conducts research required for clinical trials for pharmaceutical products.

Dyers notes, "The market for CROs is very strong right now because many extremely profitable drugs will be losing patent protection in the next few years and there is lots of pressure to find some replacements.

"ICON is one of the few CROs capable of providing services on a global basis. This gives them the advantage is of running clinical trials in multiple countries at once. Also, regulators actually prefer worldwide trials because they normally provide more ethnic diversity in the subject population."

Nike (NYSE: NKE) has agreed to sell its Starter brand to Iconix (NASDAQ: ICON) for $60 million.

Starter is best known for its jackets bearing the logos of professional sports teams that were wildly popular during the early 1990s. As evidenced by the low price Nike is receiving for the brand, Starter has been in decline for years.

But the deal is consistent with the Iconix strategy of acquiring brands off the scrapheap and seeking to resuscitate them through licensing deals and clever marketing. Iconix does none of its own manufacturing, leaving it free to focus on maximizing brand value and selling licenses.

Iconix has been tremendously successful (take a look at the stock chart) with this approach, and owns brands including Rocawear, Danskin, London Fogg, Mudd, Joe Boxer, and Candie's.

Interestingly, Iconix founder and CEO Neil Cole is the less-known brother of Kenneth Cole, the founder and embattled CEO of Kenneth Cole (NYSE: KCP). Neil labored in anonymity for decades while his brother became a household name, but Iconix's market value has eclipsed that of Kenneth Cole. Still, numerous parties have called for a new CEO at that company.

Both McDonald's (NYSE: MCD) and the advertising industry in general have come a long way since Ray Kroc opened the doors on the first restaurant in 1955, pulling in a whopping $366.12 that day.

It's Ronald McDonald who has become one of the industry's icons, but this, his first commercial, doesn't exhibit such potential. Check it out, and ask yourself - would it have attracted or repelled you?