FriendFinder to Announce Playboy Bid on Thursday

Jul 14, 2010 9:30 AM PST
BOCA RATON, Fla. — FriendFinder Networks Inc. plans to make public its proposal to buy Playboy Enterprises Inc. on Thursday, CEO Marc Bell told XBIZ.

"We think it's a good fit," said Bell, who noted that Playboy had been on his radar for "some time."

"Other than that, you'll have to wait for the details I will disclose on Thursday at 12:30 p.m. [EDT]," he said.

FriendFinder announced it would be interested in Playboy shortly after Playboy founder Hugh Hefner offered Monday to take the company private for $5.50 a share in cash.

With Hefner's bid, the company's value stands at $185 million.

Hefner earlier this week said in a letter to Playboy's board that he had no interest in entertaining discussions of a merger or sale of his stake to another party.

And on Wednesday, he confirmed that. "My interest in taking Playboy private is prompting some crazy rumors," he said. "Playboy isn't in play. I'm buying, not selling."

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