Bunny beaten: No interest in Playboy

Posted Nov 19th 2009 2:10PM by Tom JohansmeyerTom Johansmeyer RSS Feed
Filed under: Deals, Rumors, Private Equity, Media World

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Playboy is such a mess that even the hint that a company is interested in it triggers a reaction. Oak Hill Capital Partners, a private equity firm, announced Wednesday that it has no interest in buying ailing adult media company Playboy (PLA), despite previous media reports indicating the contrary. Of course, this sent Playboy's shares down 3.7%. Oak Hill didn't just say "no way" to the present but made it clear for the future as well.

This follows a statement by Golden Gate Capital that it wouldn't be involved in a Playboy acquisition, again, despite suggestions in the media that it might make a move for the bunny. The latest possible buyer is Iconix Brand Group, which is generally hungry for brand acquisitions. Playboy is keeping its mouth shut on the matter.

To say Playboy has been looking for a buyer is an understatement. When Scott Flanders took the reins in June -- when Christie Hefner, founder Hugh Hefner's daughter was finally sent packing -- he seemed singularly focused on getting someone to acquire the company. And, there have been rumors of the company being acquisition bait for years. These days, however, the situation is particularly severe. Ad revenue is off 44% to $9.45 million for the third quarter of 2009, and circulation for the first six months of the year fell 9% to 2.45 million.

Tags: Christie Hefner, Golden Gate Capital, GoldenGateCapital, hugh hefner, inthenews, Oak Hill Capital Partners, pla, Private equity, Scott Flanders

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Last updated: February 09, 2010: 10:52 PM

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