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. Charlie Sheen Opens Up About His Wild Night With Lindsay Lohan: 'She Literally Tucked Me In'
  2. It's Over! Kim Kardashian 'Pulling the Plug' on Her Marriage to Kanye West
  3. Khloe Kardashian Reveals Secret to Her Big and Perky Butt
  4. Britney Spears Freaks Out After Sex Tape Leaks Online
  5. Angelina Jolie Demands Brad Pitt to Keep the Kids Away From Jennifer Aniston
  6. Report: Drake Dating Legendary Singer Sade Adu
  7. Ryan Gosling May Dump Eva Mendes as Reports of Her Past Affair Emerge
  8. Report: Generous George Clooney Under FBI Investigation for Money Laundering
  9. Zac Efron Left Paris Jackson Heartbroken Nearly a Decade Ago
  10. Sleepyhead Madonna Leaves Kids Starving at Daughter's Birthday Bash

CELEBS PHOTO