Hugh Hefner seeks to take Playboy private

Hugh Hefner has made an USD 185 mn offer to take Playboy magazine private.

London: Playboy founder Hugh Hefner has made an USD 185 million offer to take the adult magazine enterprise private by buying all the shares he doesn`t currently own.

The 84-year-old publisher already owns around 69.5 percent of Playboy Enterprise`s ordinary shares and 27.7 percent of its B shares, a news daily reported. Playboy said that Hefner is partnering with Rizvi Traverse Management, which has said it will raise financing for the transaction from major lenders. In his proposal letter, Hefner has stated he was not interested in a sale or merger of Playboy Enterprises, selling his shares to someone else, or entering into talks with other financial sponsors to do a similar deal. Last February, Playboy posted a wider fourth-quarter loss as the economic slowdown took its toll. At the time the company said it was open to discussions about a sale or changes in the strategic direction of the flagship Playboy Magazine. Hefner, now the editor in chief and chief creative officer of Playboy, founded the publication in 1953 which has since turned into a cultural mainstay. PTI