Updated: From a Playboy (NYSE: PLA) SEC filing, some more details on the deal terms: it will pay AMI a “flat rate fee in consideration for the services provided as well as cost savings and subscription incentive fees if certain benchmarks are achieved during the next two years. The Company will also pay certain costs and expenses so long as AMI maintains a guaranteed rate base and subscriber mix. The term of the Agreement will expire on December 31, 2014, but will automatically renew for an unlimited number of additional one-year periods unless either party provides the other with advance written notice of intent not to renew. The Agreement is subject to early termination in certain circumstances, including by the Company if AMI fails to achieve certain print and digital advertising sales revenue benchmarks.”

After we first reported last night about Playboy’s mag outsourcing deal with American Media Inc (but we got it mixed up with the sale talks, which are still ongoing), the company has released some official details of the deal: AMI will take over production, circulation, ad sales, marketing and other support services of both Playboy mag and the company’s other domestic pubs (meaning special editions and calendars). Like we reported, edit remains with Playboy, under Hugh Hefner.