Playboy Is Up For Sale
Who’s gonna take it?
He has become as much a part of the Playboy brand as its trademark bunny ears.
But Hugh Hefner could soon be parting ways with the soft-porn empire he founded more than 56 years ago.
The 83-year-old is reported to be selling the company for nearly £200million, with Virgin tipped as a potential buyer.
Although the magazine was read by a quarter of all university students in its heyday in the 1970s, its circulation has taken a battering from the availability of free pornography on the internet.
Earlier this month, Playboy announced it had made losses of £8.6million for the first three months of this year, compared to a £2.6million loss for the corresponding period in 2008.
The company is said to have been furiously cutting costs and has reportedly sacked 25 per cent of its staff.