Playboy in talks to be sold
November 14th, 2009 - 4:20 am ICT by IANS ( Leave a comment )
Los Angeles, Nov 14 (DPA) Adult entertainment pioneer Playboy Enterprises is in talks to be sold for more than $300 million as the advertising slump and a boom in online pornography erode its once lucrative publishing business, the Los Angeles Times reported Friday.
The report said the publicly traded Playboy was in talks with brand management firm Iconix Brand Group as well as with a group led by former Playboy entertainment president Jim Griffiths.
Playboy founder Hugh Hefner still controls 70 percent of shares in the company, which was valued at $116 million based on Thursday’s closing price. The share price rose more than 40 percent Friday following news of the sale talks.
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Tags: adult entertainment, boom, brand group, brand management, dpa, former playboy, hugh hefner, jim griffiths, los angeles times, management firm, pioneer, playboy enterprises, playboy founder, pornography, president jim, share price, slump
