CHICAGO — Hugh Hefner wants to buy out the portion of the Playboy empire he doesn’t already own in a bet that the iconic brand can still bring in profits even if the magazine is past its prime.
Hefner, who founded Playboy magazine more than a half-century ago, is apparently not alone in thinking Playboy can keep swinging into the digital age. A few hours after Playboy Enterprises announced Hefner’s offer Monday, rival Penthouse magazine said it will also make a bid.
But it does not appear that the silk-pajama-clad 84-year-old — who owns about 70 percent of the company’s voting shares and 28 percent of the nonvoting stock — will budge. Playboy said the proposal made it clear he is not interested in a sale or merger. Hefner, Playboy’s editor in chief and chief creative officer, is offering $5.50 per share in cash, a nearly 40 percent premium above Friday’s closing stock price of $3.94. Shares of the company gained 41 percent Monday. The Associated Press
