Thursday, May 28, 2009

Playboy to Virgin

Soft porn mogul Hugh Hefner is said to be considering selling his ‘Playboy’ empire to Richard Branson’s ‘Virgin’.The 83-year-old could sell the company for $300 million, after its profits slumped in the face of free pornography on the internet.Though the company’s market capitalisation has sunk to around $100 million, Hefner is asking for three times that price in order to maintain his lavish lifestyle.Two companies, Apollo Capital Partners and Providence Equity Partners, have been approached but declined to make an offer. Now, Branson’s Virgin Media is tipped to be a potential buyer.

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