By Sabela Ojea
Shares of PLBY Group climbed after The Wall Street Journal reported that the youngest son of late Playboy founder Hugh Hefner wants to buy back the Playboy brand.
The stock was up 18% to 86 cents in Monday morning trading. The shares are up 44% in the past 12 months.
Cooper Hefner submitted an offer Monday along with a group of investors to buy the Playboy brand from Playboy Group, officially known as the PLBY Group, for $100 million, according to Hefner and a deal proposal viewed by The Wall Street Journal.
Playboy Group also includes a social-media app and a lingerie manufacturer. The company had a market value of just over $50 million as of Friday.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
October 21, 2024 11:06 ET (15:06 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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