Playboy founder Hugh Hefner reaches 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.
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.