Hugh Hefner to Make Playboy Private Company
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.
- Iron Fist Shows His Martial Art Skills in New Photos of Netflix's Series
- Is Rihanna Not Happy With Beyonce Over Grammy Nominations?
- Wendy Williams Calls Nicki Minaj 'Insensive B***h' for Mocking Mentally Ill Woman
- Lady GaGa Pens 'Inspiring' Open Letter About Her Daily Effort to Battle With PTSD
- 'Bones': What Will Happen to the Jeffersonian? David Boreanaz Shares Photo of Destroyed Lab
- See Tom Hiddleston Accidentally Running Into 'Taylor Swift' During Morning Jog in London
- Andy Cohen Would Like to Hook Up With Justin Bieber
- Chanel Iman Stars in Flo Rida's Flashy Video for 'Zillionaire'