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Hugh Hefner Planning to Take Playboy Private
The legendary founder of Playboy Enterprises has offered to buy back all outstanding shares of the adult entertainment company, which has been public since 1971.
Posted 7/ 12 10 at 9:30 PM | News, Money, Leadership, International Business, Consumer Products & Services, Media
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Hugh Hefner, the legendary founder of Playboy Enterprises, has offered to acquire all outstanding shares of his company for $5.50 per share in cash. The pajama-loving entrepreneur owns 69.5 percent of Playboy's Class A common stock and 27.7 percent of the Class B common stock. He has offered to buy the rest at a total cost of $185 million.The announcement boosted Playboy's stock more than 40 percent today, closing at $5.55. On Friday, shares closed at $3.94.
The Hef, 84, founded the famous adult entertainment magazine in 1953. Centerfolds have included Marilyn Monroe, Pamela Anderson, Anna Nicole Smith and Kim Kardashian. Although the magazine's circulation has dropped to just over 2 million, Playboy Enterprises brought in $21 million last year from licensing the brand, and another $9.9 million from the company's television properties.
The company went public in 1971. Playboy Enterprise's board of directors has not yet made a decision regarding Hefner's proposal, and now investors are expecting a competing bid from the owners of Penthouse.
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Comments (Page 1 of 1)
Who cares! Playboy is so faky nowadays (all the models have fake boobs, lipo, fake blonde hair, no brunettes or redheads hardly anymore, and just sleazy, slutty poses now). It was better when it was first made until the early 1980's. Then it got to slutty and made women look like objects after that. YUCK!! Who gives a darn!!