This content is from: Portfolio

Hugh Hefner’s Private Affair

Hugh Hefner takes Playboy private with the help of private equity firm Rizvi ­Traverse ­Management and investment bank Jefferies.

Private is not a word one would ordinarily associate with Hugh Hefner, whose life has always been an open magazine, with a foldout in the middle. But the octogenarian founder and personification of ­Playboy ­Enterprises is taking his likewise aging empire of clubs and resorts private with financing from private equity firm Rizvi ­Traverse ­Management and investment bank Jefferies.

Despite ­Playboy’s dwindling readership and tough competition from raunchier publications and the anything-­goes ­Internet, Hefner will remain editor-in-chief. Ben Kohn, managing director of Rizvi, proclaims that he is pleased to be teaming up with the author of the Playboy philosophy as the “legendary brand enters a new chapter.” Nevertheless, Kohn will want to be paid back in more than prurient interest.

Related Content