LOS ANGELES — Hugh Hefner's iconic Playboy brand could be headed for a change.
The men's magazine is currently in talks to be sold, with negotiations reportedly heating up with a pair of interested parties.
One discussion involves Jim Griffiths and the private equity firm Golden Gate Capital, who are looking to purchase the brand for $300 million, a source familiar with the negotiations tells Reuters. Griffiths is a former Playboy entertainment president.
The company is also engaged in talks to sell itself to Iconix Brand Group, sources revealed Thursday. The New York-based Iconix owns brands that it licenses to manufacturers, such as Candies, Joe Boxer, Rocawear and London Fog.
Playboy's shares were up 6.6 percent at $4.34 in Friday's trading on the New York Stock Exchange. The stock rose 43 percent on Thursday, following initial news of the talks with Iconix.
The magazine has seen circulation decline 9 percent to 2.45 million in the first six months of the year, according to the Audit Bureau of Circulations.
Playboy was initially going to be called Stag Party. It was launched by the 83-year-old Hefner in 1953, with the inaugural issue featuring Marilyn Monroe.
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