Penthouse possibly to Playboy

Posted by Elizabeth Stewart - email

(WFLX) - The owner of Penthouse Magazine has made a formal bid to buy Hugh Hefner's Playboy empire.

Friend Finder Networks is offering  $210,000,000 for the company. The bid comes just a few days after Hefner offered to buy out the stake he doesn't already own, but for less than the Penthouse offer.

Here's the catch: Hefner already owns nearly 70 percent of the voting's shares, so if he doesn't want to sell, there's no deal.

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