Hugh Hefner’s son wants to buy Playboy for $100 million

Cooper Hefner, the youngest son of late Playboy founder Hugh Hefner, is looking to bring his father’s legendary franchise back into the family. Here’s the scoop:

What’s Happening?

The 33-year-old has submitted an offer—with a group of investors—to buy the Playboy brand from Playboy Group for $100 million. His goal? Take the brand private and give it a much-needed reboot. He’s got support from a hedge fund and one of Playboy’s former licensing partners, and he’s ready to take the reins as CEO.

The Playboy board and its chairman, Suhail Rizvi, haven’t responded to the offer yet.

Hefner’s Game Plan

If Cooper pulls off this deal, he’s not just thinking about print. He’s eyeing fresh licensing opportunities and new media ventures—think documentaries—that could boost the brand’s revenue and relevance. “You could have all the money in the world, and it would be difficult to build the type of brand recognition that Playboy has,” Cooper said.

A Brand in Freefall

Here’s a quick recap: Playboy was once a powerhouse. Founded in 1953, it was known for its mix of thought-provoking journalism and (of course) its iconic nude imagery. Over the years, Playboy became more than just a magazine, expanding into video production, merchandise, and even a limo service. By the time it went public in 1971, it was on fire, with a market cap of $671 million at its 1999 peak.

But fast forward to today, and things are not so rosy. The rise of online adult content has left Playboy struggling to find its place. It stopped regular print publication in 2020 and has shifted focus to licensing the Playboy logo and selling merchandise. The company’s value? It’s dropped from $2 billion in 2021 to just over $50 million now. Ouch.

“It’s Playboy entering businesses that they’ve never operated before,” Hefner said, calling the recent acquisitions “ill-advised and poorly managed.”

Let’s Talk Money

In the last few years, Playboy tried to diversify by snapping up an Australian lingerie brand, Honey Birdette, for over $330 million, and launching Centerfold—a content platform to compete with OnlyFans. But it hasn’t exactly been smooth sailing. With over $200 million in debt and some flops in acquisitions, the company’s been bleeding cash.

“It’s not resonating at all with consumers or customers or fans,” Hefner said. “And the business’s decline and the brand’s relevance—in terms of being hardly spoken about today—is a direct reflection of that.”

Hefner’s plan would take Playboy’s name and intellectual property under his private firm, Hefner Capital. Meanwhile, what’s left of Playboy Group would carry on under a new name, holding a 10% stake in Hefner’s reimagined Playboy.

The Big Picture

For Cooper, it’s personal and business: “It’s a great American company and a great American brand, outside of my personal connection to it,” he said. But right now? “It has been managed to a state of potentially nonexistence.”

Now the question is: Can he bring Playboy back to life, or is the brand’s heyday truly over? Stay tuned.