Hugh Hefner is offering to buy up all the shares of Playboy Enterprises, the now-struggling publishing empire he founded more than 50 years ago and took public in the 1970s. But he faces competition: FriendFinder Networks, owner of rival Penthouse magazine, plans to make a competing offer. Is Hefner, 84, the best bet for Playboy's long-suffering shareholders — or is it finally time for the aging lothario to hang up his slippers? (Watch a Bloomberg report about Playboy's prospects)
The company has always been Hef's baby: Playboy has always "operated more like a private company than a public one," say the editors of the Chicago Tribune. Hefner controls most of the voting shares, after all, and has used his sway to make sure his lavish lifestyle and cherished magazine get funded even against the interests of shareholders. Now he wants to buy Playboy back and hand it off to his two young sons. Interestingly enough, that may be the best option for everyone.
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