Penthouse to also bid on Playboy Enterprises |
| Pottstown Mercury - Jul 13, 2010 |
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 ink-on-paper 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 Inc. announced Hefner's offer Monday, the corporate parent of 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 Hefner made it clear in his buyout proposal that he is not interested in a sale or merger. The company said Hefner expressed concern that selling Playboy could threaten the brand and its legacy. Hefner has instead proposed joining up with a little-known private equity firm, Rizvi Traverse Management LLC, to take Playboy private.
Read Full Article from Pottstown Mercury
- Posted: 2010-07-13 09:35:33
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