It seems as if Playboy as we know it might have died with founder Hugh Hefner back in September.
Hefner was involved less and less in the enterprise he built as he grew older, but it sounds like his passing could be the end of the popular adult magazine for good. According to a report published by The Wall Street Journal on Monday, Hefner’s death is “ushering in a new era for the adult-entertainment enterprise in more ways than one,” and getting rid of the magazine might be one of those ways.
(Photo by Rachel Murray/Getty Images for Playboy)
Private-equity firm Rizvi Traverse, which is already the controlling shareholder of Playboy Enterprises, is reportedly in talks to acquire the 35 percent stake that Hefner left to his heirs. If the firm is able to buy the family out, they plan to focus on Playboy Enterprises as a whole and devote less attention to its editorial aspect, Fox News reports. (OPINION: Playboy Changes The Magazine’s Foundation With First Transgender Playmate)
“We want to focus on what we call the ‘World of Playboy’ which is so much larger than a small, legacy print publication,” Ben Kohn, Playboy Enterprises’ chief executive and managing partner at Rizvi, said. “We plan to spend 2018 transitioning it from a media business to a brand-management company.”
Rizvi helped Hefner make Playboy private back in 2011 in exchange for two-thirds of the company. The deal between the Playboy founder and the firm included an agreement to keep publishing the magazines until Hefner died. However, the deal did not pass on to his heirs.