friend finder

Hefner's ambition to control company helped by results

August 6, 2010

Hugh Hefner’s efforts to take full control of Playboy Enterprises Inc were buoyed by the latest results of the Chicago-based publishing company.

Hugh Hefner's efforts to take full control of Playboy Enterprises Inc were buoyed by the latest results of the Chicago-based publishing company.

Although revenues at Playboy dropped from $62 million for Q2 2009 to $56 million for the same period this year, net losses shrunk to $5.4 million from $8.7 million in 2009. The company's improved financial position was helped by the closing of the New York office and job cuts.

Friend Finder's bid for Playboy makes concessions to Hefner

July 19, 2010

Friend Finder Networks has made a $210 million bid for family-controlled Playboy Enterprises Inc, which allows the company’s founder, octogenarian High Hefner, to retain a level of control.

Friend Finder Networks has made a $210 million bid for family-controlled Playboy Enterprises Inc, which allows the company's founder, octogenarian High Hefner, to retain a level of control.

In an acknowledgement of the importance of the founding family to the Playboy brand, the offer includes a clause that allows Hugh Hefner to retain editorial control at the magazine and remain in the famous Playboy Mansion.

Hefner in potential Playboy bidding war

July 13, 2010

Hugh M Hefner, the founder of the iconic Playboy brand, yesterday made a bid for the remaining shares in Playboy Enterprises Inc he does not already own in a bid to take the company private.

In a proposal letter to the Playboy board, Hefner offered $5.50 per share in cash to acquire all outstanding Class A and Class B common stock, valuing the company at $185 million. He plans to partner with Traverse Management LLC to finance the deal.