Inside these posts: Marc Bell

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Friend Finder hires adviser for Playboy bid

Friend Finder Networks Inc., the owner of Penthouse magazine, said this morning it has hired Imperial Capital LLC as financial advisor in its effort to buy Playboy Enterprises, Inc.

FriendFinder is a rival suitor in the effort to take over Playboy. Playboy founder Hugh Hefner earlier this week offered Playboy’s board $5.50 a share to buy the remaining stake of Playboy he does not own in a private takeover of the iconic company. Get the full story »

Hugh Hefner, Penthouse pursue Playboy

Hugh Hefner Playboy Club Chicago

Hugh Hefner with a dozen Playboy Bunnies at the original Chicago Playboy Club in 1960. (Playboy)

Shares in Playboy Enterprises Inc. surged nearly 35 percent this morning after its board of directors said it received a proposal from Hugh Hefner to acquire all of the outstanding shares of the struggling media company for $5.50 per share in cash.

Hefner, 84, currently owns 69.5 percent of Playboy’s Class A common stock and 27.7 percent of  its Class B common stock, and has teamed with a Michigan private equity firm called Rizvi Traverse Management LLC to fund the bid for the shares he doesn’t own.

The Hefner bid values Playboy at $185 million but could spark an auction for the company. Marc Bell, chief executive of FriendFinder Networks Inc., which owns the rival Penthouse adult franchise, said he is readying a competing bid for Playboy. Get the full story »