Business News
Report: Playboy magazine on brink of sell-off
Nov 14, 2009, 13:26 GMT
New York - Men's magazine Playboy and its associated media conglomerate is on the brink of being sold, according to a report in the Los Angeles Times on Saturday.
A person with inside knowledge of Playboy's deliberations, ongoing for a year, told the paper there were two parties interested and that the asking price would be approximately 300 million dollars.
The financial and media crises have hit Playboy Enterprises, the magazine's parent company, particularly hard. Advertising revenue has fallen drastically, as has the publication's circulation.
One of the potential buyers is said to be Iconix, owner of brands such as London Fog and Joe Boxer. Iconix may be interested in turning the famous bunny logo into a fashion icon.
Hugh Hefner, the 83-year-old founder and editor-in-chief of Playboy magazine who holds 70 percent of the voting rights, will make the final decision.
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