LOS ANGELES—Cooper Hefner, managing partner of private equity firm Hefner Capital, put forth an offer to acquire all of the intellectual property (IP) and branding assets of Playboy Enterprises with a $100 million bid he presented to the board of the publicly traded PLBY Group, who currently owns the company his father Hugh Hefner founded.
According to reports, Hefner made a non-binding offer per correspondence with the PLBY board, which was reviewed by several publications and AVN.
The offer to acquire the IP from Playboy Entertainment and PLBY would be a cash payment of $100 million and a 10 percent equity interest in a new entity that would oversee the operations of the company's creative ventures, including the iconic magazine that was just recently announced to be returning to print.
The Hollywood Reporter reports that Hefner's goal is a "personal" one.
He told Reporter media and business writer Alex Weprin, "This effort is about safeguarding a legacy built over decades, ensuring that the creativity, values, and cultural relevance that defined Playboy are not lost. ... Playboy Enterprises has a rich history of encouraging personal freedom, critical thinking, and playful storytelling."
Hefner approached the PLBY board with a group of other investors to structure the deal, reports The Wall Street Journal. If the board chooses to accept the case offer and the 10 percent equity stake in a new venture built for administering the Playboy IP, this would be the first direct investment from a Hefner family member in several years.
News of Hefner's bid saw PLBY's near-worthless stock climb upward by well over 20 percent. He believes that a new strategy is needed for the company to be successful. Hefner and his team claim to have such a "new strategy." Playboy as a company has gone significantly lean via licensing strategies by granting the name to third parties.
The company has been in an unsustainable position in recent years, including the shedding of other assets and popular sexual wellness brands like Lovers and Yandy. Hefner added in his interview with Weprin, "Ultimately, our goal is to honor the brand’s heritage while building something dynamic and relevant for the future."
In August, PLBY Group announced the return of the iconic Playboy magazine with an annual edition to be released in February 2025. The print magazine’s upcoming February 2025 print issue will be released at a launch event and celebration during the NFL's championship game weekend in New Orleans.
