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."