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.
- 'Logan' Producer Hints at X-23 Solo Movie
- Jamie Foxx Called 'Disrespectful' by Nyle DiMarco for Making Up Sign Language on 'Fallon'
- John Boyega Play in London Cut Short Due to Bomb Threat
- Joseph Duggar Engaged to Kendra Caldwell at His Sister Joy-Anna's Wedding
- Gregg Allman Dies After Battle With Liver Cancer, Ex-Wife Cher Mourns Him
- Watch a Preview of Halsey and Lauren Jauregui's 'Strangers' Video
- Beyonce Channels Michael Jackson in Throwback Photos
- Blac Chyna Licks Christina Milian's Boob in NSFW Pic