Cooper Hefner, the son of Playboy magazine founder, Hugh Hefner, is making a $100 million offer to buy back his father’s company. He aims to revive the brand’s original essence and values, emphasizing its role as a platform for creativity and freedom of expression. He expressed concerns about the brand’s current management, stating they have ventured into unfamiliar businesses that have failed to connect with consumers, contributing to the brand’s decline and diminished relevance.
Since going public in 2021, Playboy’s stock has plummeted over 90%, with a market value now around $50 million and debts exceeding $200 million.
VISION FOR PLAYBOY
Cooper previously worked at Playboy as the chief of global partnerships before leaving to start Hefner Media Corporation. Now, he feels a strong pull to return to the family business. He believes there’s potential to modernize Playboy while respecting its heritage, aiming to engage with current stakeholders to find a mutually beneficial outcome.
Additionally, he proposed renaming parts of the business, including a social media app and an Australian lingerie company, which are currently part of Playboy’s portfolio. Playboy, although once thrived with iconic clubs, and popular magazines, the brand has struggled in recent years, especially after Hugh Hefner’s death in 2017, and the magazine’s ceased publication in 2020.
SAVING THE LEGACY
Other investors backing Cooper’s offer include an unnamed hedge fund and a former licensing partner of Playboy.
Hugh Hefner passed away on September 27, 2017, leaving behind a legacy that Cooper wants to honor and build upon.
