Hef Is Taking Playboy Private

He’s been talking about it for months, but Playboy founder Hugh Hefner has finally worked a deal out to once again make his magazine a private company. Hef made an offer last July to buy all outstanding shares in Playboy for $5.50 per share. It didn’t happen. Now, in conjunction with a partnership group calling itself Icon Acquisition Holdings, L.P., a deal was reach that eventually settled on $6.15 per share.

Said Hef in a press release announcing 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.”

Playboy‘s current CEO Scott Flanders will stay in his position. He suggested he hopes to “transform Playboy into a brand management company.” Not quite so sure what that means in relation to pictures of blonds with big boobs. But we guess we’ll find out soon enough.

Previously on Fishbowl LA: Playboy Weighs Hef’s Buyout Offer

Photo: AP /Jae C. Hong