AceShowbiz - Hugh Hefner has regained control of his Playboy business empire in a massive multi-million dollar deal with shareholders. The publishing mogul, who set up the company more than 50 years ago, has been involved in months of negotiations to regain a majority stake in the firm.

The 84 year old has now reportedly offered up $207 million to take increased shares in Playboy, according to TMZ.com. The Playboy Enterprises encompasses the monthly magazine, Playboy-branded TV and radio shows, casinos and merchandising.

"With the completion of this transaction, Playboy will come full circle, returning to its roots as a private company," Hefner said. "The brand resonates today as clearly as at any time in its 57-year history. I believe this agreement will give us the resources and flexibility to return Playboy to its unique position and to further expand our business around the world."