2 months ago
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Hugh Hefner‘s son Cooper Hefner is trying to buy back Playboy!
According to The Hollywood Reporter on Monday, the 33-year-old has made a $100 million all-cash offer to acquire the intellectual property and brand assets of Playboy Enterprises from its publicly traded company, PLBY Group. The offer includes 10% equity interest in the new entity, as well. Currently, the company’s market value is around $50 million.
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According to the Wall Street Journal, Cooper would become the CEO. He and his firm Hefner Capital would buy the brand and IP while the other parts of the business would still operate under a different name. This would include subsidiaries that make sexual wellness products, lingerie, and grooming and beauty products. The new entity would get a 10% ownership in Playboy.
Per Cooper, his private equity firm got in touch with the PLBY board on Monday about this deal, which he is hopeful will go through so he can help shape the next era of his father’s brand. He told the outlet:
“The decision to acquire Playboy’s assets stems from a personal connection and the unique potential to reinvigorate a brand cared for around the world. This effort is about safeguarding a legacy built over decades, ensuring that the creativity, values and cultural relevance that defined Playboy are not lost.”
As Perezcious readers know, the late business mogul founded the company in 1953. The men’s magazine soon took on a life of its own, spawning TV shows, popular models, and becoming known for Hugh’s lavish (although controversial) parties. Cooper, whose mother is Kimberley Conrad, previously worked as the company’s chief creative officer but left in 2019 to launch his own digital media platform, Hefner Media Corporation. The next year, he ran for a spot in the California Senate. The company began to trade publicly in 2021 — several years after Hugh’s 2017 death.
Addressing the future of the company, the new Hefner in town told THR:
“Playboy Enterprises has a rich history of encouraging personal freedom, critical thinking and playful storytelling. While the brand has evolved over time, this acquisition offers a meaningful opportunity to realign it with its core identity while adapting to the expectations of today’s audience. We look forward to collaborating with PLBY Group’s board to pursue an outcome that serves stakeholders.”
He added:
“From a business perspective, we believe there is remarkable potential for growth; much of the road map we’ve already identified. With the right leadership and strategy, we aim to unlock new avenues of value and tap into consumer interest in innovative ways, including through new experiences. Our approach includes working with forward-thinking partners who share this vision. Ultimately, our goal is to honor the brand’s heritage while building something dynamic and relevant for the future.”
Cooper also promised his team has a plan in place that they believe will help the company thrive again. Speaking to the WSJ, he bashed the current management of the company, pointing out that the company is involved in products that are “not resonating at all with consumers.” PLBY Group has said it plans to relaunch the mag next year. So far, it’s unclear what the shareholders think of the deal, but this could be a big change for Playboy!
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[Image via Rachel Worth/Chris Connor/WENN]
English (US) ·