The massive company, Playboy, has agreed to an offer from the man who founded it all, Hugh Hefner, to take the firm private after he raised his bid by 12%.
The Icon Acquisition Holding, which was controlled by Hef, offered $6.15 a share for publicly-listed Playboy, which ultimately values the firm at $210 million. Wowzers.
The 84 year old, who recently got engaged to a 24 year old blonde bombshell, already owns about 70% of Playboy’s Class A common stock and 28% of it’s Class B stock, but he wants it ALL!
There was outside competition from FriendFinder and Penthouse magazine which had offered $6.25 a share.
Hef, who is a God in my books, set up the Playboy magazine back in 1953, but, since the availability of free porn on the internet rising in recent years, circulation and advertising revenues have been failing drastically.
The company has been trying to transform it from a publishing and TV business into a “brand management” company in order to keep the profits coming and therefore has been licensing out the Playboy name and those infamous rabbit ears for a range of different products.
“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,” Hefner said.
Hefner also revealed he wants his hands on everything the company owns in order to be able to pass on the entire thing to his sons when he is ready to retire and when they are ready to step up and run the family business.
In my opinion, I don’t care who is running it, as long as it is still up and going. Not just because of being able to see some of the most famous and gorgeous woman on the planet naked, but because the Playboy name has a sort of class attached to it and with all the amateur and trashy stuff you can find on the internet these days, it’s nice to see something more conservative once in a while.
Tags: Free Porn