Playboy To Be Bought By Billionaire

5/27/2009
Stefan Julian
Virgin Owner Takes Interest in Playboy

British billionaire Richard Branson may be buying Playboy Enterprises Inc. Branson is the owner of Virgin Media.

This comes as a result of Playboy's market value being barely worth $100 million, according to the Chicago Tribune. The Washington Post reports that Branson hopes to turn Playboy around, possibly making an adult-themed play. The Post also reports that Playboy is asking for $300 million.

According to Domain-b.com, Playboy has been hit hard by the recession. A drop in magazine circulation hurt them the most, losing 600,000 readers between 2002 and 2008. In 1972 Playboy had 7 million readers.

Hugh Hefner is reluctant to change the ways he does business. He has turned down many buyout offers in the past and wants to hand the company's reigns to his teenage sons.

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