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Playboy Founder To Take Company Private

Playboy founder, Hugh Hefner, will take the company private.

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.

Click here for the story fromFinancial Times.

Click here for additional coverage from The Wall Street Journal.

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