Penthouse to Make Bid for Playboy

Will Hugh Hefner be blocked from buying back his own company? The Playboy founder announced today his intention to buy up all shares of the media empire that he doesn’t own and make it private again, but FriendFinder Networks—the company that owns rival Penthouse—quickly jumped in with plans of its own. On Monday, FriendFinder CEO Marc Bell told the Financial Times that his company will also make a bid for Playboy, saying, “We are working on it as we speak.” Hefner noted in his bid—which would value Playboy at $185 million—that he would not consider other offers due to the brand’s “editorial direction” and “legacy.” Launched in 1953, Playboy’s circulation peaked at 7 million in the early 1970s. Its current circulation: 1.5 million.