• BREAKING NEWS ABC shows live and on-demand -- Download the WATCH ABC app!

Hefner succeeds in bid to take Playboy private

March 5, 2011 12:00:00 AM PST
Hugh Hefner has succeeded in taking Playboy Enterprises private, buying out the public stock with the help of an investment firm.

Shareholders will be paid $207 million.

Under the deal, Hefner, 84, will own 37 percent of Playboy Enterprises. Rizvi Traverse, the investment firm that made the deal possible, will have a 60 percent stake.

Playboy Magazine has struggled in recent years, facing competition from adult content on the Internet.

There have been several rounds of layoffs in the past few years.

Hefner remains editor-in-chief and chief creative officer of Playboy.

The Associated Press contributed to this report.