Playboy Bunnies or Virgins???

Hugh Hefner’s Playboy Bunnies could become Sir Richard Branson’s Virgins, as the world’s most infamous sugar daddy looks to sell his soft-porn empire for as much as US$300 million ($385 million).

Playboy Enterprises, the empire Mr Hefner founded in 1953, has seen its profits slump in the face of free pornography on the internet.

The company’s market capitalisation has sunk to around US$100 million ($128 million), but according to reports in the US, Mr Hefner is asking for three times that price in order to maintain his lavish lifestyle.

“Everyone says he’ll never let go, that he’ll take it with him to the grave,” one source told the New York Post.

The magazine is still America’s best-selling men’s magazine, and the iconic bunny ears are among the world’s most famous trademarks.

However, as advertisers and consumers cut back their spending, the group has been forced to axe 25 percent of its staff amid frantic cost-cutting efforts.

Playboy’s chief executive Jerome Kern admitted earlier this month that the magazine’s performance was “unacceptable” after reporting losses of US$13.7 million ($17.5 million) for the first three months of the year.

Mr Hefner, who still owns 70 percent of the group and is now 83 years old, recently said that taking the company public was one of his biggest regrets.

Few suitors are thought to be willing to pay over the odds for the notorious empire. Virgin Media – which is still part-owned by Sir Richard – is rumoured to be considering a deal, but no official interest has been confirmed at this stage.

A Playboy spokeswoman said the company had received no proposals.

“Mr Hefner indicated that he will listen to proposals regarding a sale. However, as a public company, we will listen to proposals that could create value for all of our shareholders.”

Source: USA Today