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| Edited By: |Source: ANI |Updated: Jan 11, 2011, 02:46 PM IST
Playboy founder, Hugh Hefner, has sealed the deal to buy back his porn empire.
The 84-year-old, who founded Playboy nearly 60 years ago, will take the company private in a deal valuing the brand at $207 million (£131 million).
He will pay $6.15 a share, beating off a higher bid from Penthouse, his main adult magazine rival.
"The brand resonates today as clearly as at any time in its 57-year history," the Daily Mail quoted him as saying.
"With the completion of this transaction, Playboy will come full circle, returning to its roots as a private company," he added.
