Playboy Enterprises is to return to its roots as a private company, it has confirmed.
The firm sealed the deal with Icon Acquisition Holdings - a limited partnership controlled by Hugh Hefner - for $6.15 per share.
"With the completion of this transaction, Playboy will come full circle, returning to its roots as a private company," said Hefner. "The brand resonates today as clearly as at any time in its 57-year history. I believe this agreement will give us the resources and flexibility to return Playboy to its unique position and to further expand our business around the world."
Playboy CEO Scott Flanders will remain in his current role with the company, maintaining a significant equity investment in Playboy.
"Our strategy is to transform Playboy into a brand management company," he commented. "This transaction will advance our efforts by strengthening our balance sheet and streamlining our operations, while creating opportunities to participate in new ventures.
"I am excited about the future, and I look forward to working with our new partners as we guide Playboy into the next era."