Hugh Hefner wants his bunny hutch back, or something:
Playboy Enterprises Inc. agreed to be taken private for $207 million by founder Hugh M. Hefner, who increased his bid to gain full control of the 58-year-old magazine publisher amid slumping circulation and losses.
Hefner, 84, is offering to buy the Class A stock and Class B shares he doesn’t already own for $6.15 per share, representing an 18 percent premium over the Class B closing price of $5.20 a share on Jan. 7, the company said in a statement [Monday].
Hef had previously offered $5.50 per share. A bid last summer from FriendFinder Networks, which owns rival Penthouse, apparently did not appeal to the Playboy board.
Playboy magazine these days is selling about a quarter as many copies as it did thirty years ago; the company apparently makes most of its money from its Web presence (largely behind a paywall) and licensing the Rabbit logo.