LOS ANGELES—Cooper Hefner's proposal to buy back the intellectual property of Playboy for $100 million from the publicly traded PLBY Group was killed, the company says.
The unsolicited takeover from Hugh Hefner's youngest son was unanimously turned down by the PLBY board. Cooper Hefner is the managing partner of Hefner Capital.
According to a statement to the press and investors, the board of directors found that Hefner's offer of $100 million undervalued the Playboy brand and creative assets owned by the company that was founded by his father years ago.
“After careful review and consideration of Hefner’s unsolicited proposal, our board determined that the proposal substantially undervalues the Playboy assets and is not in the best interest of PLBY Group’s stockholders,” explained Ben Kohn, chief executive officer and a board member of the parent company.
Kohn added, “While we certainly understand and are appreciative of the interest in Playboy’s unparalleled brand, the board is confident that the Company’s continuing pursuit of its Playboy-focused, asset-light model will better support long-term value for stockholders. The board will continue to evaluate all options and opportunities for Playboy.”
One of these options is a reboot of Playboy.com’s news operation and an adjusted print return of Playboy magazine.
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.
PLBY’s shares fell by over 5 percent Thursday, dropping the market cap to under $60 million, reports Variety. In an interview with The Hollywood Reporter from earlier this week, Cooper Hefner called the effort to acquire the Playboy creative IP and assets a “personal” endeavor inspired by his late father.
"This effort is about safeguarding a legacy built over decades, ensuring that the creativity, values, and cultural relevance that defined Playboy are not lost" Hefner said. "Playboy Enterprises has a rich history of encouraging personal freedom, critical thinking, and playful storytelling."
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 The Hollywood Reporter, "Ultimately, our goal is to honor the brand’s heritage while building something dynamic and relevant for the future."
