Hugh Hefner’s son Cooper Hefner is seeking to acquire Playboy Enterprises for $100 million.
On Monday, the 33-year-old announced he made a $100 million bid to acquire Playboy Enterprises. He said he made the offer on behalf of his private equity firm.
In a statement announcing the deal, Cooper, whose late father founded the iconic publication, described the brand’s sentimental value as he described his vision of “reimagining” the future of Playboy while remaining “true to its heritage.”
‘Today I submitted a bid on behalf of Hefner Capital for $100 million to acquire Playboy Enterprises, a company and brand that is part of my legacy. “I know how important Playboy is to people all over the world, including my family,” Cooper, 33, wrote.
‘The investment aims to rescue an iconic brand and at the same time honor the values it has defended for more than 70 years; freedom of expression, creativity and thoughtful storytelling.
Hugh Hefner’s son Cooper has made a $100 million bid to acquire Playboy Enterprises; Cooper and his father photographed in 2014.
‘My goal is to reimagine the future of Playboy 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 forward that benefits everyone involved.”
The $100 million offer was in cash, according to The Hollywood Reporter.
Playboy was founded by Hugh and his associates in Chicago in 1953 and became one of the best-known brands in the world, famous for its nude and semi-nude models.
Along with that came the iconic Playboy Bunnies and Hugh’s legendary home, the Playboy Mansion.
Hugh also served as the publication’s editor-in-chief. He passed away at age 91 in 2017 as a result of heart failure and septicemia after contracting a deadly strain of e-coli. He left a fortune of 43 million dollars.
Cooper, whose mother is Kimberly Conrad, served as Playboy’s creative director from 2016 to 2019. He left to launch his own media company, including digital content platform HefPost, before turning unsuccessfully to politics.
In 2020, Playboy canceled its print edition, citing the coronavirus, and announced plans to move content online.
Through his bid, Cooper seeks to obtain the intellectual property and brand assets of Playboy Enterprises from PLBY Group, its publicly traded parent company, according to The Hollywood Reporter.
Cooper, whose mother is Kimberly Conrad, served as Playboy’s creative director 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’ and the legendary Playboy Mansion.
PLBY Group Inc. went public in 2021 and has revealed that it intends to relaunch the magazine next year.
Cooper’s private equity firm, Hefner Capital, contacted the PLBY board on Monday, according to THR. He serves as managing partner of the firm.
“The decision to acquire Playboy’s assets stems from a personal connection and the unique potential to revitalize a cherished brand around the world,” Cooper told the publication.
“This effort aims to safeguard a legacy built over decades, ensuring that the creativity, values and cultural relevance that defined Playboy are not lost.”
Cooper told THR that he and his team have developed a new plan for the company. Lately, the organization has been licensing the legendary brand to third parties, according to THR.
The 33-year-old announced he made a $100 million bid to acquire Playboy Enterprises in a statement posted to his Instagram on Monday.
The outlet also reported that the brand has been in decline lately after enjoying a fairly strong stock price in 2021, and the company took steps such as selling Lovers and Yandys.
“From a business perspective, we believe there is significant growth potential, much of the roadmap we have already identified,” Cooper told the site. ‘With the right leadership and strategy, we aim to unlock new avenues of value and harness consumer interest in innovative ways, including through new experiences.
‘Our approach includes working with forward-thinking partners who share this vision. Ultimately, our goal is to honor the brand’s heritage while building something dynamic and relevant for the future.”
