Hefner is back in business - at 84
Playboy founder Hugh Hefner is showing no inclination to take his retirement lying down (in a business sense at least) after his bid to purchase the company he founded 57 years ago was accepted.
Hefner saw off arch rivals Penthouse magazine to claim the prize, but only after raising his bid by 12% to value the company at £135m.
Playboy has struggled to adapt to the digital age, experiencing declining circulation and ad revenues on its magazine and website amidst ubiquitous free pornography on the web.
Ironically Playboy has been going in the opposite direction, publishing a premium priced iPad app which contained no nudity in order to comply with Apple’s regulations.
Hefner is attempting to transform Playboy into a “brand management” firm, licensing the famous Playboy bunny ears for use in a range of associated products and streamlining the firms operations.