Hugh Hefner wants to make Playboy private. As a company, that is.
Hugh Hefner, the octogenarian founder and majority shareholder of the company, proposed a bid to the board of directors to buy the remaining shares of Playboy Enterprises. But he may have some competition from—who else? —Penthouse.
According to Bloomberg, Marc Bell, the CEO of FriendFinder Networks Inc. (which owns the Penthouse franchise), announced that he plans to table a competing bid.
Hefner says he’s having none of it. Apparently he is set on maintaining Playboy’s legacy despite the falling readership and revenue the magazine has seen.
Wait a minute, Playboy versus Penthouse? Ok, the 70s called. They want their adult magazine rivalry back.