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Penthouse, a men's magazine founded by Bob Guccione, combines urban lifestyle articles and softcore pornographic pictorials that, in the 1990s, evolved into hardcore. Penthouse is owned by FriendFinder Network. formerly known as General Media, Inc. whose parent company was Penthouse International Inc. prior to chapter 11 restructuring.

Although Guccione was American, the magazine was founded in 1965 in the United Kingdom, but beginning in September 1969 was sold in the United States as well. At the height of his success, Guccione, who died in 2010, was considered to be one of the richest men in the United States. He was once listed in the Forbes 400 ranking of wealthiest people (982). An April 2002 New York Times article reported Guccione as saying that Penthouse grossed $3.5 billion to $4 billion over the 30-year life of the company, with net income of almost half a billion dollars.

For many years, Penthouse fell between Playboy and Hustler in its explicitness and general attitude toward sexual depictions, with Playboy being visually softer and less focused on female genitals and with Hustler going for a raunchier look and content often consisting of toilet humor. Almost from the start, Penthouse pictorials showed female genitalia and pubic hair when this was considered by many to be obscene.

Up until 1973, the depiction of female genitalia offered fuzzy portrayals of the pudenda, without the inner labia parted, after which sharper views of the vulva were shown.
Simulated sex, but not penetration or male genitalia, followed; then, several years later, male genitalia, including erections, could be seen. In addition, Penthouse attempted to maintain some level of reading content, although usually of a more sexually oriented nature than Playboy.

During the 1970s and 80's and into the early 90's Penthouse was often regarded as the main rival against Playboy in terms of circulation and popularity. (There were a few times during the 70's and 80's where Penthouse was even ahead of Playboy for subscriptions and sales.)

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