The Hefner era officially comes to an end as the family of Playboy brand founder Hugh Hefner through his Hugh Hefner Trust have decided to sell their last shares in the company for $35 million.
The Hugh Hefner Trust is making the deal with Icon Acquisition Holdings LLC company who already own some of Playboy. Icon agreed to pay $15 million for 800,000 shares of the company. The remaining one million shares are being put into escrow, which Playboy is paying for through a $20 million loan.
Proceeds of the sale will be given to his children and his widow, Crystal Hefner and of his sons will continue work for the company but will have no stake in the company.
Hugh Hefner founded Playboy in Chicago in 1953, which he started with a $1,000 loan from his mother and was the face of the brand throughout its rise to international fame.
Hefner died on September 27, 2017, aged 92.
Ⓒ Copyright NET News Ltd. All Rights Reserved. Please use sharing tools. Do not cut, copy or lift any content from this website without our consent.