Playboy returns to private hands

March 5, 2011 at 10:42 AM
| License Photo

CHICAGO, March 5 (UPI) -- Publisher Hugh Hefner said Playboy Enterprises had turned over a new leaf, as a deal closed to return the Chicago-based business to private hands.

The $207 million deal that closed this week, "Marks the beginning of an exciting era for this company and our iconic brand," said Hefner, who will keep his position as editor-in-chief of Playboy Magazine, The Hollywood Reporter said Saturday.

The company was purchased by an investment group called Icon Acquisition Holdings for $6.15 per share.

Hefner had held a majority of the company while it was public, owning 69.5 percent of the firm's Class A stock and 27.7 percent of its Class B stock, the Reporter said.

Scott Flanders will stay on as chief executive officer.

Hefner said, "I believe this new ownership structure will allow us to further capitalize on the unique and global appeal of the Playboy brand, and I look forward to our business success."

Related UPI Stories
Topics: Hugh Hefner
Latest Headlines
Trending Stories
Study of antibodies in HIV patient may help lead to vaccine
Pepsi to launch own smartphone
History Channel special reveals Alcatraz escapees may have survived
Multiple attacks escalate Jerusalem violence; gun restrictions could ease
Genetic changes could make pig organs usable for human transplant