WHAT'S HOT?

Hugh Hefner to Make Playboy Private Company

July 14, 2010 04:48:34 GMT

In order to overcome the decline in sales and falling revenue, the mogul wants to buy the shares which he doesn't already own.


Hugh Hefner
See larger image
Photo credit: DJDM/WENN

Publishing mogul Hugh Hefner has offered to buy up all the remaining stock shares in Playboy Enterprises in a bid to save his sinking media empire by taking it private. Earlier this year, bosses at Hefner's Playboy Enterprises announced they were downsizing and laying off employees to offset losing readers and falling revenue.

The announcement sparked reports Hefner would sell his stock in the racy magazine, but the 84-year-old mogul has instead proposed to pay $5.50 per share for those he doesn't already own in a deal with private equity firm Rizvi Traverse Management LLC. The move would take the company private, reports the New York Times.

However, Hefner's proposal still has to be approved by company board members before he can move forward with the purchase.


 




Post Your Comments


Screen Name
Please Enter   
Comment
 
 
RSS
FB
Twitter