When people can go pretty much anywhere online to see naked women, how does a monthly magazine that built its reputation on pornography (and articles!) stay relevant? Well, it’s not that easy. Playboy magazine has been hurting for quite some time now (it currently has over $100 million in debt), but perhaps with Hugh Hefner taking control of Playboy Enterprises Inc., the publishing company behind Playboy, things will start to turn around.
Today Hefner, all 84 years of him, becomes owner of the magazine he founded way back when with a picture of a semi-nude Marilyn Monroe. Hefner had this to say about the deal:
With the completion of this transaction, Playboy will come full circle, returning to its roots as a private company. The brand resonates today as clearly as at any time in its 57-year history. 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.
Scott Flanders, the current CEO of Playboy Enterprises, will retain his position. He commented that he hopes to “transform Playboy into a brand management company.”