![]() ![]() Previously, Christie Hefner, Hugh Hefner's daughter, ran the company. In an effort to get some of its luster back, Playboy appointed Scott Flanders, the former CEO of Freedom Communications and the publisher of the Orange County Register, as its top executive last year. "He's kind of like Betty White in that regard, he never goes away," Thompson said. Hefner, though, has managed to stay in the spotlight. Playboy: Hugh Hefner and the American Dream." Hefner was forced to let go of some trappings such as a private jet plane with a bedroom, a miniature disco and a kitchen, according to Steven Watts, author of "Mr. Hefner turned Playboy and its bunny head logo into a symbol for a lifestyle he embodied as bachelor extraordinaire, living in a mansion surrounded by wealth and beautiful women.īut after the 1970s, Playboy began to fade. "The word playboy became metaphoric for a very distinctive lifestyle," said Robert Thompson, professor of popular culture at Syracuse University. With $600, Hefner kickstarted a shift in cultural thinking about sex when he launched the first issue of Playboy with a partially nude photo of Marilyn Monroe in 1953. "I think people actually are starting to believe this company is in the early stages of a really promising turnaround," said David Bank an analyst with RBC Capital Markets. ![]() He predicted that if Playboy remained a publicly listed company, its shares would double in about two years. Marc Boyar of Boyar Asset Management, which owns a 1.3 percent stake in Playboy, said that both Hefner and FriendFinder's offers were inadequate. Hefner's offer had represented a 40 percent premium to Playboy's market price at the time. Several individual shareholders have filed suits against Playboy alleging that Hefner's offer was not in the best interest of stakeholders. Playboy said in a statement it received FriendFinder's proposal and the board would give it "appropriate consideration." Shares of Playboy closed up a penny, or 0.2 percent, at $5.52 on the New York Stock Exchange on Thursday. Hefner, 84, already owns around 70 percent of Playboy's Class A common stock and 28 percent of its Class B stock. ![]() We would love nothing more than to help him achieve his goal, protect his legacy and really become a partner."Ī company synonymous with bunny ears and centerfolds, Playboy has been struggling to put its business back on course as circulation and advertising revenues decline with people flocking to the Internet for free pornography.įriendFinder proposed to give Playboy shareholders $6.25 a share, above the $5.50 per share, or $185 million, from Hefner and his partner Rizvi Traverse Management. Hefner "built a cultural icon and he is a cultural icon," FriendFinder Chief Executive Marc Bell told Reuters in a telephone interview. To sweeten the deal, Penthouse publisher FriendFinder Networks said Hefner is welcome to retain editorial control of Playboy magazine and to continue to reside in the Playboy Mansion - a property valued at roughly $40 million, including art, according RBC Capital Markets estimates. The owner of Penthouse magazine on Thursday offered to buy rival Playboy Enterprises Inc (PLA.N) for $210 million, making a bid that was 13 percent above the buyout proposal from Playboy's iconic founder Hugh Hefner earlier this week. NEW YORK, July 15 (Reuters) - The desire for adult-themed entertainment is heating up. ![]()
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