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Playboy has had its up and downs and lately it was down (financial problems, revenues down) so Hugh Hefner decided to make it private again.
According to DeadLine,
â€œWith the completion of this transaction, Playboy will come full circle, returning to its roots as a private company,â€ Hefner said in a statement. â€œI 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.â€ The share price represents a 18.3% premium over Playboyâ€™s closing price Friday. Playboy CEO Scott Flanders, who will remain with the company and maintain a significant equity investment in Playboy, says the strategy is to transform Playboy into “a brand management company”. Hefner is Playboyâ€™s largest shareholder with about 70% of the companyâ€™s voting shares and 28% of the nonvoting stock. Hefner had to fend off a bid from the company owning rival Penthouse magazine.
Photo from PR Photos