Playboy To Go Private?

portugalplayboy_7.12.10.jpgLots of big changes at Playboy… Hugh Hefner, the iconic magazine’s founder, has offered to take the company private. Folio: reports that, in a letter to the company’s board of directors, Hefner, who currently owns 69.5 percent of Playboy Enterprise’s Class A stock and 27.7 of its Class B stock, has offered to buy up remaining shares for $5.50 each in cash.

The company’s board of directors are said to be considering the offer. Should they elect to move forward with taking the company private, the board will form a special committee of independent directors.

The magazine has had a rocky few months, most recently having to pull its title from Portugal following publication of a controversial cover featuring Jesus Christ in bed with a topless woman. Playboy maintains that it had no knowledge of the cover before publication. The shoot accompanying the cover image portrays Christ overseeing other activities, including lesbian sex and prostitution.