In the photo above we see Tiger Woods in happier times as he’s helping to pitch Gillette products. Since then times have changed and Tiger’s personal brand has been tarnished by scandal, and Gillette is the latest premium brand to end its relationship with Tiger Woods.

Procter & Gamble Co. will not renew its endorsement deal with Tiger Woods at the end of the year, adding another name to the list of companies that cut ties with the golfer after last year’s revelations of marital infidelities.

The company used Woods, Roger Federer, Lionel Messi and dozens of other athletes as part of its three-year “Gillette Champions” marketing campaign. Gillette said Thursday it was phasing out that program and not renewing the contract with Woods and several other athletes. It stopped using Woods himself in the campaign months ago.

This episode of course highlights the risks of celebrity endorsements though the Gillette campaign seemed like a pretty good one.

The latest figures come as the company’s future ownership remains in doubt. FriendFinder Networks, owner of Playboy rival Penthouse magazine and adult websites, wants to buy the company for $210 million. It raised $551 million in debt at the end of last month, a move that could give it the cash to follow through on the bid.

But Hefner, who owns 70% of the company’s voting stock, says he has no interest in selling. And he has proposed to the company’s board that he buy out the remaining stake in a deal that would value Playboy at about $185 million. A special committee of the company’s directors is considering the offer.

In the meantime, Playboy’s management is trying to transform the company from a publishing and TV business into a “brand management” company, leaning more on revenue from licensing out the Playboy name and bunny ears for a range of products.

FriendFinder seems serious here with all that cash. It will be interesting to see what other properties they pursue in this space.