Penthouse Bid Is Higher Than Hef's For Playboy Shares
Penthouse parent-company FriendFinder Networks Inc. is making life difficult for Playboy founder Hugh Hefner. Hef has been trying to buy up outstanding shares in Playboy in an effort to take the company private. He recently made a $123 million to buy out remaining shares in a company worth an approximated $185 million. FriendFinder, however, went over the top and bid $210 million.
Hefner owns 70 percent of the voting stock for the company, so Penthouse’s offer is really more of hassle for him than anything else.
“Penthouse
WORK SMARTER - LEARN, GROW AND BE INSPIRED.
Subscribe today!
To Read the Full Story Become an Adweek+ Subscriber
Already a member? Sign in