Hugh Hefner’s son Cooper Hefner wants to acquire Playboy Enterprises for $100 million.
On Monday, the 33-year-old announced that he had made a $100 million offer to acquire Playboy Enterprises. He stated that he made the offer on behalf of his private equity firm.
In a statement announcing the offer, Cooper, whose late father founded the iconic publication, described the brand’s sentimental value as he described his vision of “reimagining” Playboy’s future while being “true to its heritage.” .
“Today, on behalf of Hefner Capital, I submitted a $100 million offer to acquire Playboy Enterprises – a company and brand that is part of my legacy. I know how meaningful Playboy is to people all over the world, including my family,” Cooper, 33, wrote.
‘The investment is about saving an iconic brand while respecting the values it has championed for more than 70 years; freedom of expression, creativity and thoughtful storytelling.
Hugh Hefner’s son Cooper has made a $100 million offer to acquire Playboy Enterprises; Cooper and his father pictured in 2014
“My goal is to reshape Playboy’s future while staying true to its heritage.
“While the brand is owned by PLBY Group Inc., we look forward to working with the board and stakeholders to find a path that benefits everyone involved.”
The $100 million offer was all-cash, he said The Hollywood Reporter.
Playboy was founded in Chicago in 1953 by Hugh and his associates and developed into one of the world’s best-known brands, famous for its nude and semi-nude models.
In addition, there were the iconic Playboy Bunnies and Hugh’s legendary home, the Playboy Mansion.
Hugh was also editor-in-chief of the publication. He died in 2017 at the age of 91 due to heart failure and blood poisoning after contracting a fatal form of e-coli. He left behind a fortune of $43 million.
Cooper, whose mother is Kimberly Conrad, served as Chief Creative Officer for Playboy from 2016 to 2019. He left to found his own media company, including digital content platform HefPost, before unsuccessfully entering politics.
In 2020, Playboy pulled the plug on its print edition, citing the coronavirus, and announced plans to move content online.
With his bid, Cooper seeks to acquire Playboy Enterprises’ intellectual property and brand assets from PLBY Group, its publicly traded parent company, according to The Hollywood Reporter.
Cooper, whose mother is Kimberly Conrad, served as Chief Creative Officer for Playboy from 2016 to 2019
Founded by Hugh in 1953, the publication has become a phenomenon with its iconic centerfolds of naked women, the brand’s ‘Playboy Bunnies’, along with the legendary Playboy Mansion.
PLBY Group Inc. began trading publicly in 2021 and has revealed that it plans to relaunch the magazine next year.
According to THR, PLBY’s board was contacted by Cooper’s private equity firm Hefner Capital on Monday. He serves as managing partner at the firm.
“The decision to acquire Playboy’s assets stems from a personal connection and the unique potential to reinvigorate a brand appreciated around the world,” Cooper told the publication.
“This effort is about safeguarding a legacy built over decades and ensuring that the creativity, values and cultural relevance that have defined Playboy are not lost.”
Cooper told THR that he and his team have developed a new plan for the company. According to THR, the organization has lately been licensing the legendary brand name to third parties.
The 33-year-old announced he has made a $100 million offer to acquire Playboy Enterprises in a statement he posted to his Instagram on Monday.
The outlet also reported that the brand has been in decline lately after a fairly strong stock price in 2021, with the company making moves like selling off Lovers and Yandys.
“From a business perspective, we believe there is remarkable growth potential, much of the roadmap we have already identified,” Cooper told the site. “With the right leadership and strategy, we want to unlock new avenues of value and tap into consumer interest in innovative ways, including through new experiences.
‘Our approach involves working with forward-thinking partners who share this vision. Ultimately, our goal is to honor the brand’s legacy while building something dynamic and relevant for the future.”