Branson may be a bidder for Playboy
Another day, another rumor about who might be buying Playboy Enterprises Inc.
This time, a British newspaper is suggesting that Sir Richard Branson could be interested in the adult-media icon.
The speculation has helped pump up the Chicago-based company’s stock, which closed Tuesday at $2.98, up 3.8 percent. As recently as early March, Playboy shares were hovering as low as $1.15.
Interim Chief Executive Jerome Kern told Wall Street earlier this month that he’s open to ideas for boosting shareholder value, and a spokesman has repeated that the company would welcome proposals “that would create value for all of our shareholders.”
On Tuesday, a spokesman would not respond to the latest talk about a connection with the billionaire Branson, or an affiliated company such as Virgin Media: “We’re just not going to comment,” she said. Even with its recent run-up, Playboy’s market value is barely $100 million. For months, it has lost money, lost readers of its flagship magazine and lost viewers of its pay-per- view TV programs.
The New York Post reported last week that Playboy is being shopped to potential buyers for $300 million, and that Apollo Capital Partners and Providence Equity Partners were approached. Founder and controlling shareholder Hugh Hefner has resisted offers to sell in the past.
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