Playboy May Kill Its Once-Iconic Print Magazine, According to Report
Hef owned a third of the business. The company which owns the other 2/3 was respecting his legacy while he was alive, but they now plan to use their weight to acquire the remaining third from Hef's family and/or to simply use their ownership stake to mandate a new direction.
The magazine reportedly loses seven million dollars per issue.
"Private equity firm Rizvi Traverse, which owns a majority of the company, instead wants to focus on the licensing the Playboy name—along with its widely recognized bunny logo—and brand partnerships, according to the report. 'We want to focus on what we call the ‘World of Playboy' which is so much larger than a small, legacy print publication,' Ben Kohn, a managing partner at Rizvi Traverse and CEO of Playboy Enterprises, told WSJ. 'We plan to spend 2018 transitioning it from a media business to a brand-management company.'"