Business News
Playboy in talks to be sold
Nov 13, 2009, 19:40 GMT
Los Angeles - Adult entertainment pioneer Playboy Enterprises is in talks to be sold for more than 300 million dollars 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 former Playboy entertainment president Jim Griffiths.
Playboy founder Hugh Hefner still controls 70 per cent of shares in the company, which was valued at 116 million dollars based on Thursday's closing price. The share price rose more than 40 per cent Friday following news of the sale talks.
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