For Sunday, March 6, 2011
POSTED: 01:30 a.m. HST, Mar 06, 2011
LOS ANGELES » A partnership led by Hugh Hefner has succeeded in taking Playboy private. The $6.15-per-share deal that closed Friday was funded with $195 million of debt and $185 million from the private investment firm Rizvi Traverse and Playboy management, including Hefner. Under the deal, Rizvi Traverse will own about 60 percent of the company, Hefner about 37 percent and other executive management the remaining 3 percent.