Hugh Hefner Selling Playboy to Virgin Media's Richard Branson ?
Rumors have been swirling that Hugh Hefner is considering selling his 'Playboy' empire to British billionaire Sir Richard Branson's Virgin firm.
Founded by Hef more than 56 years ago, Playboy has been struggling in the recession and it lost $13 million in the first three months of this year.
Playboy is still America's best selling men's magazine but sales have dropped from seven million an issue in 1972 to around three million now.
Sources suggest the 83-year-old is thinking of retiring and lining up Virgin boss Branson as a potential buyer. Hef's company is reportedly being shopped around for $300 million though the company’s market capitalisation has sunk to around $100 million.
A Playboy spokesman denied it had received any offers, however, added that "as a public company, we will listen to proposals that could create value for all of our shareholders."
Filed under: Playboy » Celebrity Gossip
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