PLBY Group surges 57% after report Hugh Hefner's son eyes Playboy

Playboy

21/10/2024 17:33

** Shares of PLBY Group  PLBY.O  surge as much as 57% on Mon
after report Hugh Hefner's son Cooper expressed interest in
acquiring the Playboy brand
    ** PLBY shares last up 19.5% at 87 cents. Stock hit session
high of $1.13, an over six-mth high
** Cooper Hefner, through his investment firm Hefner Capital,
submitted offer to PLBY's board on Mon to buy Playboy's brand
assets, including intellectual property, for $100 mln, Bloomberg
News reported, citing people with knowledge of the matter
    ** The proposal, subject to due diligence, includes 10%
equity stake in the new entity, according to the report
** PLBY shares have fallen sharply from all-time high of around
$63 hit in May 2021, when co was swept up in meme-stock rally
just months after its return to the public market through a SPAC
merger
    ** Co's market value stood at ~$53.5 mln on Fri, per LSEG
data
**  PLBY, which in Aug reported 29% y/y decline in qtrly rev of
~$25 mln, said it would relaunch its Playboy magazine as an
annual edition in Feb 2025

(Lance Tupper is a Reuters market analysts. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380
))