Rumor has it that Playboy was quietly being shopped around for $300 million and Apollo Capital Partners who owns Realogy, Century 21, Coldwell Banker and Better Homes & Gardens, has been approached to purchase the floundering dirty magazine business.
Former CEO Christie Hefner would have received $1.7 million, on top of her $2-million severance payment, if the adult entertainment company had been acquired by another company before March 31, according to a company filing last week.
The battered company’s market capitalization is now around $100 million and nobody has been willing to pay the substantial premium that it would take to persuade Hef to sell.
The Playboy bunny ears are one of the most famous trademarks in the world, but the empire has fallen on hard times as the Internet and video-on-demand have eroded its core brand, the magazine.
Hefner, now 83 years old, said recently that one of his biggest regrets was taking Playboy public.
Other Playboy/Real Estate news:
Coldwell Banker Charitable Foundation holds fundraiser at the Playboy Corporate Headquarters in Chicago.
Hef’s new girlfriend, Crystal Harris (no relation!) is a real estate agent!
Birds-eye view of Playboy Mansion on Zillow.
Who Bought Hugh Hefner and Playboy Wife Kim’s House for $18 Million?
When staging a home for sale, no Playboy Bunnies!