The daily business briefing: March 25, 2016

1. Playboy reportedly goes up for sale

Playboy reportedly has hired investment bank Moelis & Co. to explore a sale of the iconic men's magazine brand, The Wall Street Journal reported Friday. The news came weeks after the Playboy mansion went up for sale for $200 million. The magazine also recently unveiled its first non-nude issue as it adjusts to online competition that has eroded its circulation. Playboy chief executive Scott Flanders told CNN the decision to explore a sale, which could fetch more than $500 million, "arose out of the interest in the sale of the mansion."

The Wall Street Journal The Washington Post

2. Companies criticize North Carolina lawmakers for blocking local transgender protections

Several major corporations, including American Airlines, IBM, Biogen, and PayPal, on Thursday condemned a new North Carolina law that bars local governments from enacting their own protections for gay or transgender people. The law was signed Wednesday night by Gov. Pat McCrory (R) hours after its approval in the Republican-controlled legislature. Lawmakers rushed the bill through to block a measure in Charlotte — where American Airlines has a hub — that would have let transgender people use bathrooms corresponding to the gender with which they identify.

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ESPN The Associated Press

3. Hedge fund pushes to replace Yahoo board

Activist hedge fund Starboard Value announced Thursday that it is launching a proxy fight to overthrow the entire board of Yahoo. Starboard Value, which owns 1.7 percent of the company, also wants to oust CEO Marissa Meyer, who has been trying to turn around the struggling internet pioneer for four years. Yahoo said it would respond after reviewing the hedge fund's nominees. Meanwhile, Yahoo is moving forward with an auction of its core search, mail, and news websites.

Reuters

4. Gerber announces baby-food-pouch recall

Gerber voluntarily recalled several types of baby food pouches due to concerns they could contain spoiled food. The recall covers Organic 2nd Foods Pears Carrots & Peas 3.5-ounce pouches with best-by dates of July 12, 2016, and July 13, 2016, and Organic 2nd Foods Carrots, Apples & Mangoes 3.5-ounce pouches with best-by dates July 13, 2016, and July 14, 2016. Gerber said the pouches might be bloated, and the food could have a bad taste or smell.

Detroit Free Press

5. Pebble announces layoffs due to weak smartwatch demand

Smartwatch maker Pebble announced Thursday that it would lay off about a quarter of its workforce. Sales of wearable electronic devices have not lived up to expectations, analysts say, and Pebble reduced the prices of its Pebble Time and Time Round watches by $50. Other wearable makers have also struggled. Apple is expected to drop the price of its Apple Watch by $50 this week, and fitness-tracker-maker Fitbit has seen its stock drop by 70 percent since its debut last year.

The Washington Post