Playboy Goes Private

Friday, Mar 4, 2011  |  Updated 9:00 PM CDT
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Photos: Playboy's Bunny Exhibit

Getty Images

HOLLYWOOD - APRIL 22: Playboy Magazine owner Hugh Hefner and Crystal Harris arrives at the TCM Classic Film Festival's gala opening night world premiere of the newly restored film "A Star Is Born" at Grauman's Chinese Theatre on April 22, 2010 in Hollywood, California. (Photo by Alberto E. Rodriguez/Getty Images) *** Local Caption *** Hugh Hefner;Crystal Harris

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A partnership led by Hugh Hefner has succeeded in taking Playboy private.

Chicago-based Playboy Enterprises Inc. said Friday that its acquisition by Hefner's Icon Acquisition Holdings LP has closed.

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.

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