A partnership led by Hugh Hefner has succeeded in taking Playboy private.
The $6.15-per-share deal was funded with $195 million of debt and $185 million from the private investment firm Rizvi Traverse and Playboy management, including Hefner.
Under the deal, Rizvi Traverse will own about 60 percent of the company. Hefner will own about 37 percent, and other executive management will have the remaining 3 percent.
Hefner remains editor-in-chief and chief creative officer of Playboy.
The racy magazine Hefner launched in 1953 was most popular back in the 1970s. It has struggled to lure readers and advertisers as adult content on the Internet bloomed. Falling revenue has forced several rounds of layoffs since 2008.