LOS ANGELES—PLBY Group, the publicly traded parent company that owns Playboy, announced a significant equity investment by adult entertainment umbrella company Byborg Enterprises SA. Byborg agreed to purchase at least 14.9 million newly issued shares of common stock at $1.50 per share for a total of $22.35 million.
According to a press release, the parties expect to close the sale of shares on November 8. Ben Kohn, CEO of PLBY Group, explained, "Our strategic relationship will combine the rich heritage of the Playboy brand with one of the best premium online entertainment companies in the market."
Byborg is the parent company of LiveJasmin, Cherry.TV, and Kiiroo.
Andras Somkuty, managing director of Byborg, added, "Playboy is one of the most iconic lifestyle brands recognized worldwide, resonating across generations."
PLBY Group's choice to field investment from Byborg comes after Cooper Hefner, managing partner of Hefner Capital and Hugh Hefner's youngest son, offered $100 million to buy Playboy's IP. The board found that Hefner's proposal undervalued assets and did not align.
