Munger, Tolles & Olson corporate lawyers are representing Hugh Hefner in his recent bid to take the iconic brand, Playboy Enterprises, private. Hefner, who founded the company in 1953, owns 69.5% of the company’s Class A stock and 27.7% of its Class B stock, and is offering to buy all of Playboy’s shares for $5.50 each, valuing the company at approximately $185 million. On July 15, FriendFinder Networks, which owns rival Penthouse magazine, announced a $210 million competing bid for Playboy.
The Wall Street Journal wrote, “Clearly, Playboy’s biggest asset is its brand. The rabbit-ear logo is widely considered one of the top 20 brands in the world, ranked among such giants as Disney, Nike and McDonald’s, in terms of recognition among the lucrative 18-to-35-year-old male demographic.”
Munger Tolles' corporate team negotiating the deal include Robert B. Knauss, Brett J. Rodda and Maria Seferian.