When Playboy founder Hugh Hefner died at age 91 in September, a new era for the adult-entertainment enterprise began. His death set in motion a process that will move ownership of the iconic brand out of his family’s hands. It also could mean the end of the magazine, after nearly seven decades on newsstands. Private-equity firm Rizvi Traverse, Playboy Enterprises Inc.’s controlling shareholder, is in talks to acquire the 35 percent stake Hefner left in trust to his heirs. The company also said it is doubling down on efforts to make money from brand partnerships and licensing deals built around the Playboy name, writes The Wall Street Journal, and will be focusing less on its editorial roots.
“We want to focus on what we call the ‘World of Playboy’ which is so much larger than a small, legacy print publication,” said Ben Kohn, a managing partner at Rizvi who took over as Playboy Enterprises’ chief executive in May 2016, to The Wall Street Journal. “We plan to spend 2018 transitioning it from a media business to a brand-management company.”
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