Playboy Group shares plunged as much as 11% on Thursday on news of the rejection.
The group that owns the fading Playboy brand on Thursday rejected a $100 million buyout offer from Cooper Hefner , the son of the magazine’s late founder.
“While we certainly understand and are appreciative of the interest in Playboy’s unparalleled brand, the Board is confident that the Company’s continuing pursuit of its Playboy-focused, asset-light model will better support long-term value for stockholders,” Kohn said.Playboy Group plunged as much as 11% on news of the rejection but recouped some of the losses to close down 3%, at 81 cents a share.
Hefner, whose investor group includes a hedge fund and one of Playboy’s former licensing partners, told The Journal that he would assume the role of CEO.“It’s a great American company and a great American brand, outside of my personal connection to it,” Hefner told The Wall Street Journal. But it “has been managed to a state of potentially nonexistence.”
The company ended publication of its iconic magazine – which ran its first issue in 1953 – in 2020, citing pandemic-era supply chain disruptions as the reason.But Playboy has long struggled to find its footing in a rapidly evolving media landscape.
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