Hugh Hefner Goes Private With Playboy

August 2nd, 2010 - 7:52 pm ICT by GD  

By Meena Kar
hughhefnerAug 2, (THAINDIAN NEWS) Playboy founder Hugh Hefner has decided to go private. The reports, however, have nothing to do with the personal and colorful life of the 84 year old but the purely business related decision of the magazine mogul. Hugh Hefner has put forth a formal proposal to buy out all the publicly owned shares of Playboy Enterprises. Rizvi Traverse Management will be assisting the company in the process.

According to the experts, the move will benefit Playboy significantly. They felt that going private was the best hope for the company that has been caught in the downward spiral that it has been entangled in for years. With the move the brand is expected to see some much needed growth. One of the financial experts said that Playboy has never utilized the public market to raise capital so there was no big advantage for them to remain public. He added that the Playboy is a major international brand that can exploit its popularity further after going private.

Hugh Hefner who recently celebrated his birthday said that he felt the stocks were undervalued and after celebrating his birthday he was looking forward to the future. He also added that he wanted to make sure that the legacy of the company is secure. He explained that it was much less expensive to be private and he felt that the stocks were beaten up. Apart from going private, Hugh Hefner has also been in the news for the recently released documentary on his life called ‘Hugh Hefner: Playboy, Activist and Rebel’.

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