Will he succeed? Hugh Hefner's son plans to buy Playboy magazine for $100 million
Playboy magazine is one of the biggest brands in terms of the fashion business, and Cooper Hefner, Hugh Hefner's son, is now interested in buying back the Playboy brand and run the intellectual property by themselves. The new entity formed will now get a 10% ownership stake in this new venture of the brand. Meanwhile, Hefner has revealed, according to the NY Post, that he would be assuming the responsibility of the company's CEO from now.
Is Playboy in good hands?
Playboy Group's journey in the last couple of years has been a rather sorry figure, as it was once trading at $50 a share in 2021, which came crashing down to less than $1 a share in recent times, which easily means that the ship needed to be set right by able hands, and this latest development could be the beginning to just that. The firm has been losing money very rapidly in recent times and is reportedly holding more than $200 million in debt, says NY post.
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Why is Playboy dying out?
Penthouse and Hustler were one of the early competition of Playboy at one point in the 80s, when Playboy was in its heydays, but they still managed to overcome all adversity and remained as one of the leading fashion mags back then. However, the down fall began after 2020, when the company's leadership pattern and various administrative plans began taking a hit. Meanwhile, dominance of Playboy also diminished over the years due to the ready availability
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