Hefner Set to Sell Playboy for USD 300 M - Report
Brand management firm Iconix Brand Group and a group led by Jim Griffiths, Playboy's former entertainment president, are both in talks to acquire "gentlemen's" entertainment company Playboy Enterprises Inc.
The bids to make Playboy private are for more than USD 300 M according to the LA Times who cite “a person familiar with the situation.”
Both companies have been talking to Playboy management for about a year, the person said.
Any decision about a purchase will come down to Hugh Hefner, Playboy's founder and public face, who controls about 70% of its voting stock. A buyer would have to persuade Hefner to relinquish control of the company he started 56 years ago.
A spokesman for Playboy declined to comment, as did a spokeswoman for Iconix.
Playboy has been struggling during the financial crisis and has had to shut a number of its offices. In May it was also reported that Playboy Enterprises would be sold to Virgin but a deal was never agreed upon.
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