Playboy Enterprises May Be Valued at $500-M
$MC
Playboy Enterprises, the owner of Playboy Magazine, is exploring a sale, a source familiar with the matter said late Thursday.
This move comes after the storied magazine stopped publishing nude photos of women and put up the iconic Playboy Mansion up for sale.
The WS-J said the company could be valued at more than $500-M
Hugh Hefner, who founded Playboy in Y 1953, took the company private in Y 2011, along with private equity firm Rizvi Traverse Management, in a deal that valued the company at $207-M.
In February 2016 , the company stopped publishing nude photos, saying they had become outdated due to the plethora of free pornography on the Internet.
Circulation of Playboy, also known for its Bunny Ears, has dropped from about 5.6-M in Y 1975 to around 800,000 in recent years.
Investment bank Moelis & Co (NYSE:MC) is advising Playboy on the sale.
In January, the company in put up the Playboy Mansion in Los Angeles for sale for $200-M, making it one of the highest asking prices for a private residence in the United States.
Playboy Enterprises was not available for comment, Moelis & Co declined to comment.
Have a terrific weekend.
HeffX-LTN
Paul Ebeling
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