Friday, May 22, 2009

Playboy for sale??


NYPost is reporting that Playboy Enterprises my be for sale. The stock is up 13% on the news.

"PLAYBOY Enterprises, the far-flung empire founded by Hugh Heffner in 1953, is quietly being shopped around for $300 million, sources tell Media Ink.
But so far, well-heeled suitors that have been approached, like Apollo Capital Partners and Providence Equity Partners, haven't stepped up.

The battered company's market capitalization is now around $100 million and nobody has been willing to pay the substantial premium that it would take to persuade Hef to sell."

Hefner, now 83 years old, said recently that one of his biggest regrets was taking Playboy public.
He still controls about 70 percent of the voting stock, and as of March 31, the second-biggest shareholder was Wells Capital, which held a 10 percent stake. Fidelity is third at 7 percent."


AlphaNinja - "Hefner, now 83 years old, said recently that one of his biggest regrets was taking Playboy public." Cry us a river, Hef! It never ceases to amaze me when people who cashed in by cashing out (IPO) lament the loss of control of their business. Honestly, if Hef didn't control the voting shares, his stake would probably be much more valuable right now.

Here, for something truly inappropriate and vulgar, is Playboy's recent 10Q.

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