Playboy founder, Hugh Hefner, will take the company private, Financial Times reports. Icon Acquisition Holdings, controlled by Hefner and private-equity firm Rizvi Traverse Management will pay $207 million in cash for the deal.
Hefner owns around 69.5% of class A shares and 27.7% of class B shares of the adult-entertainment enterprise. In July, Hefner first bid for the stock he does not own. In September, the Playboy board appointed legal and financial advisers to assess Hefner’s offer.
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