Can Hugh Hefner save Playboy by buying it back? That’s what the founder—and the company’s largest shareholder—has decided to do, Chicago Breaking Business reports. Hef’s Icon Acquisition Holdings LP will take Playboy Enterprises private. The price of $6.15 a share is an 18% premium over Friday's closing price and values the company at about $207 million. “With the completion of this transaction, Playboy will come full circle, returning to its roots as a private company,” Hefner said in a statement.
“I believe this agreement will give us the resources and flexibility to return Playboy to its unique position and to further expand our business around the world,” the statement continues. The company has been struggling, and attempting new ventures like reaching out to women in an attempt to remain relevant. CEO Scott Flanders will stay in his role, and says the transaction “will advance our efforts by strengthening our balance sheet and streamlining our operations, while creating opportunities to participate in new ventures.”