Hugh Hefner to Make Playboy Private Company


Hugh Hefner


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

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.

© AceShowbiz.com


MORE FROM NEWS

Leave a Comment

Required fields are marked with *

   

TODAY'S HEADLINES

  1. Bella Hadid Goes Braless in Completely Sheer Top. See the Eye-Popping Pics
  2. Suki Waterhouse Flashes Nipples in See-Through Dress During Chilly Beach Photo Shoot
  3. Khloe Kardashian Is 'Thrilled' She's Expecting First Child With Tristan Thompson
  4. Brad Pitt Reportedly Moving In With Kate Hudson Amid Angelina Jolie Divorce
  5. Jennifer Lopez Breaks Silence on Her Relationship With Drake
  6. Angelina Jolie Loses Her Team's Trust Amid Brad Pitt Custody War
  7. Is Charlize Theron's Adopted Son Becoming a Girl? He Wears Box Braids and Pink Outfit
  8. Kim Kardashian Did Want to Divorce Kanye West. Here's Why She Stays
  9. Blake Lively 'Livid' Over Ryan Reynolds' Possible Reunion With Ex-Wife Scarlett Johansson
  10. Report: Angelina Jolie Is Forced to Hand Over Kids to Brad Pitt

CELEBS PHOTO