- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 05:27 06:45 12:12 15:10 17:32 18:51
Playboy tycoon Hugh Hefner has struck a deal to return Playboy Enterprises to private ownership, according to a statement Monday.
Not usually one to shy away from the public sphere, slumping sales and poor finances appear to have convinced Hefner to end his company's flirtation with the stock market.
The octogenarian publisher agreed to pay $6.15 for each share owned by partners, a more than 18 per cent premium over Friday's closing price.
"With the completion of this transaction, Playboy will come full circle, returning to its roots as a private company," Hefner said in a statement.
"The brand resonates today as clearly as at any time in its 57-year history. I believe this agreement will give us the resources and flexibility to return Playboy to its unique position and to further expand our business around the world."
Pummeled by the Internet, Playboy is now expected to focus on its "brand management" business, including licensing products.
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